New Claims on Unclaimed Property
Unclaimed property laws—sometimes dating back to medieval English common law—dictate that financial assets without clear ownership (think uncashed paychecks, forgotten bank accounts, and abandoned safe deposit boxes) revert, or “escheat,” to the state after a dormancy period. States have typically treated these assets as a form of custodial responsibility, holding them on behalf of absent owners and committing to eventually reunite them with their rightful claimants. Yet, beneath this wholesome veneer, unclaimed property has become, in effect, a resource for many state budgeteers to appropriate. Collectively, states hold more than $50 billion in unclaimed property, with hundreds of millions flowing into state treasuries each year.
Publication Date: August 2025
Author: Justin Marlowe
