What is Unclaimed Property from a Business Perspective?

The term "unclaimed property" has been in the news a great deal lately. National and local media have featured people who have reclaimed hundreds of thousands of dollars in unclaimed property from state treasurers. A topic we have heard less about is how state treasurers obtain unclaimed property.Most unclaimed property comes from businesses complying with unclaimed property laws. All businesses, no matter how large or small, hold funds that belong to others in a variety of forms, including the…