Processes of Reporting and Claiming the Unclaimed Property Oregon
You would not realize how the assets you have left behind had caused problems to the state. You may be one of the people being hunted by the government for the refund of the unclaimed property Oregon. You may not know it but every penny that is due you that was left in your holding company like banks and utility companies should be returned to you.
The process goes from the holding company to the state. In the state of Oregon the unclaimed properties are under the care of the Department of State Lands. The function of the unclaimed property Oregon division of the Department handles all the accounts that had been transferred to the state. The government now is doing a difficult task of finding the owners of the assets.
Reporting Unclaimed Property Oregon
Every state has its own laws on the handling of the unclaimed properties. In Oregon, there is a prescribed manner for reporting the unclaimed property Oregon. Every business entity should report to the state their abandoned assets. Reporting is due on November 1 of each year; the covered date is up to June 30 of the same year.
The report includes the following:
• Identification of the property
• Former owner
• Date when the property is due or payable
• Date of last transaction with the owner
Before reporting the property, the business holder should first exert effort in finding the owner. If the holder does not succeed in informing the old owner, it should report to the Department the name and last known address of the owner. The Department now exerts effort to find the owner. The unclaimed property Oregon is delivered to the DSL. The business holder should keep record of the property for 3 years after the report was made. For other financial instruments, the period is 5 years. Any business entity that does not report the unclaimed property in their book of accounts will be penalized.
Unclaimed Property Oregon Resources and Time Limits
People who are in search for information on the unclaimed property should contact the state’s government agency that handles this. The queries should then be addressed to the Unclaimed Property Section, Department of State Lands.
Like in any state in the US, Oregon has time limits for abandoned properties. This sets the time that must elapse in order for a property to be considered abandoned. The prescribed time is variable, depending on the type of property. For most properties the time to elapse is 5 years. Some properties like property to be distributed due to business dissolution, properties held by courts or fiduciaries, safety deposit boxes have shorter period – one and two years. The money orders have 7 years and the travelers checks have the longest time of 15 years.
Claiming Unclaimed Property Oregon
Once the abandoned property is turned over the state, the owner can reclaim the unclaimed property Oregon. The DSL publishes a notice for two successive weeks in news paper of general circulation. These unclaimed properties in Oregon are also found in the state’s website. You can even search through NAUPA or National Association of Unclaimed Property Administrators.
Claims can be made anytime and what you have to do to start with your claim is to fill out a claim form which can be downloaded from the state’s website. After submitting the claim form, you have to wait for the decision of the DSL. To be able to claim your abandoned wealth, you have to prove your identity. You will be made to present IDs that are acceptable to the department.
Business entities have to report abandoned properties to the state and the owner of the unclaimed property Oregon has to claim if from the Department of State Lands.