Abandoned property refers to intangible assets held by a business or institution that have gone unclaimed by their owner for a specific period. Common examples include: (a) uncashed payroll checks, (b) unclaimed dividends or refunds, (c) dormant bank accounts, (d) unredeemed gift cards or store credits, (e) insurance proceeds, and (f) customer overpayments.

Under New Hampshire RSA 471-C:2, the general rule is that intangible property is presumed abandoned after five (5) years following the time it became payable/distributable. Once that period expires, the holder must transfer the property to the New Hampshire Treasury Department. In Massachusetts, abandoned property is governed by Chapter 200A of the Massachusetts General Laws and in Maine it is governed by Title 33, Chapter 45 of the Maine Revised Statutes. In Massachusetts and Maine, the typical dormancy period is three (3) years of inactivity before a holder must report it to the state. It is important to note that in both states, holders must attempt to contact the owner using their last known address before turning property over to the state.

Fortunately for owners of abandoned property, in New Hampshire, Massachusetts, and Maine there is no statutory time limit after which the owner loses the right to reclaim said property. Claimants must submit identity and ownership documentation, often including proof of prior ownership or entitlement. All three states offer databases for individuals to search for and reclaim their abandoned property:

If you are a business or institution dealing with abandoned property, or an individual seeking to reclaim such property in New Hampshire, Massachusetts, or Maine, and need assistance, please contact our office at (603) 964-1414.