Uniform Unclaimed Property Act

The Uniform Unclaimed Property Act provides a standardized legal framework for states to manage and return abandoned financial assets, such as bank accounts, uncashed checks, and insurance benefits. When property remains inactive for a certain period, typically a few years, owners are contacted or the property is turned over to the state. The act ensures that unclaimed assets are protected and eventually reunified with their rightful owners or heirs, maintaining transparency and responsible stewardship of property that individuals might have forgotten or lost. It helps prevent abandoned assets from being permanently lost or misused.