Michigan Notice to Public of Finding of Lost Property
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How to fill out Notice To Public Of Finding Of Lost Property?
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FAQ
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 365 days days before the unclaimed property report is filed.
On March 28, 2023, the Michigan Treasurer filed a motion for a stay of the Michigan Court of Appeals' decision in Dine Brands, which held that the ten-year statute of limitations for unclaimed property is not tolled by an ongoing examination.
Claimant's picture ID ? Property owner's picture ID and social security card ? Court documents or other signed legal documents giving you authority to act on the property owner's behalf.
The period starts with the last time the property owner had any contact with the holder and during which the owner takes no other actions related to the property. Most unclaimed property in Michigan has a three (3) year dormant period, including: Checking and savings accounts. Cashier's, certified and registered checks.
Under Michigan's Uniform Unclaimed Property Act, Public Act 29 of 1995, Michigan businesses and government entities must report and remit to the Michigan Department of Treasury any abandoned and unclaimed property they hold that belongs to: Owners whose last known address is in Michigan, or.
The average claim pays out around $2,000, though business claims are typically much larger than individual assets. The timeline for returning money after a claim depends on the property, with claimants in the simplest cases seeing a check in hand within a couple of weeks.
(1) A person who finds lost property shall report the finding or deliver the property to a law enforcement agency in the jurisdiction where the property is found. This shall include all property found in an abandoned vehicle.
Anyone can search for unclaimed funds, either belonging to an individual or business, through the Department of Treasury's online database at unclaimedproperty.michigan.gov/app/claim-search to begin filling out a claim.
