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Unclaimed property situation when a payee refuses to cash a check

July 19, 2023
July 19, 2023


Q. We have instances where we are in contact with the payee of an uncashed check. The payee refuses to cash the check because they may not be happy with the settlement amount or that a lienholder is listed on the check. If we are in contact with the payee, do we still have an obligation to escheat the funds according to state dormancy timeline or do we wait for the payee to cash the check? If we don't have an obligation to report the funds according to state dormancy timeline, how long do we…

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