Disposition of Arizona unclaimed property
A. As soon after the commencement of liquidation as practicable the receiver shall cause notice to be given by mail to each person at the address shown on the records of the bank who appears from the records to be a bailor of property held by the bank or a lessee of a safety deposit repository. The notice shall demand that the property held by the bank as bailee or located in its safe deposit repositories be withdrawn by a date certain and, if appropriate, the notice shall designate the name of the bank that has assumed the obligations of the closed bank as bailee or repository lessor and the place where the repository or property will be located after a specified date.
In addition to money and securities, the Arizona holdings include tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles.
Each year millions of dollars in dormant or lost accounts go unclaimed. If you know anyone who has ever moved or died, the state may be holding unclaimed cash, lost securities, bonds, refunds, insurance claims, deposits, jewelry or coins. There is no charge to search the state data for anyone's name.
Make sure you check with every state in which you have lived (unclaimed property is generally turned over to the state of your last known address as reflected on the records of the business holding your money, stock, etc.).
Keep in mind that if someone calls or writes to you and asks that you pay them money for the successful return of your unclaimed property, you probably have some out there somewhere. The folks who are contacting you are called "heir finders." They are not likely to contact you unless they believe that they have found property belonging to you. Heir finders generally charge a fee to locate and help return unclaimed property to you.
In addition to money and securities, the state's holdings include tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles. Unclaimed money is deposited into a state school fund, and is used exclusively for public education. There are, however, no statute of limitations. Anyone has the right to claim property, at no cost to them, at any time, regardless of the amount or the length of time lapsed.
