The Massachusetts State Treasurer may be holding property that belongs to you, and you might not even know it!
In accordance with Massachusetts’ abandoned property law, the treasurer’s office takes possession of financial assets after a period of extended inactivity. If the asset holder is unable to contact the owner for a period of three years, the property becomes “abandoned” and falls under the protection of the Treasurer until it can be returned. These assets include cash, savings and checking accounts, uncashed checks, insurance policy proceeds, stocks, dividends, and contents of abandoned safe deposit boxes.
Massachusetts Treasurer Steve Grossman has launched an aggressive campaign to return the estimated $1.8 billion that is owed to over 40,000 individuals, businesses, and charities.
In Cambridge and Somerville, there are more than 2,000 last known addresses of individuals, businesses, and estates that have $500 or more in abandoned property that they can claim. The Treasurer’s office wants to return this property to its rightful owners, and is working overtime in order to do so.
In order to search the abandoned property database, visit the Abandoned Property Division website at: www.findmassmoney.org.