Q. Does the state simply go in and take the money?
A. No. The statute is in place to protect your property. It requires holders of properties to account for them and deliver them to the respective state’s unclaimed property division. Unclaimed property is remitted to the state only after two things have occurred:
1.There has been no activity on the account for the applicable dormancy period.
2.The holder has attempted to contact the owner at the last known address.
If these are unsuccessful, then the money or abandoned property is remitted to the state.