Abandoned property is any financial asset with no activity by its owner for an extended period of time. This includes uncashed payroll, vendor checks and tax refund checks processed by the city. Abandoned Property does not pertain to land, houses or real estate of any kind.
In accordance with the Massachusetts Abandoned Property Act, Chapter 200A of M.G.L., property becomes abandoned when the owner cannot be contacted for a three-year period by the holder of the asset. The Treasurer’s Office attempts to locate owners on a regular basis via telephone and mail.
The Massachusetts Abandoned Property Law (M.G.L.c. 200A), requires business entities and others to review their records each year to determine whether they are in the possession of any abandoned funds, securities or other property which is reportable under Chapter 200A and to make an annual report of their findings.