Understanding Unclaimed Property
Unclaimed property refers to accounts within companies which have had no activity or contact with the owner within one year, or longer (depending on the state of residence). Once the unclaimed property has reached the required dormancy period for the last known state of residence, funds are escheated to that state. See below to answer any questions you may have about the claim process.
Each state has unclaimed property or escheat laws that require the reporting of funds held for its residents. Once unclaimed property has reached the state’s required dormancy period, it is paid to the state of the owner’s last known address.
Each state tries to locate owners of unclaimed property. To locate and collect funds, contact the state(s) in which you now or previously resided. For additional information, visit the National Association of Unclaimed Property Administrators.
Types of unclaimed property include payments to royalty and landowners and uncashed check payments to vendors.
Merit Energy Company makes a good faith attempt to return various forms of unclaimed property to the rightful owner or heirs by issuing due diligence letters, as set out in each states guidelines. If we are unable to release funds due to no contact, we are required by law to escheat funds to the state of your last known address. If you have received a letter, please return the form within the allotted period to avoid unclaimed funds being escheated.