Accordding to the New Jersey laws unclaimed property encompasses many types of intangible and tangible properties abandoned and unclaimed by their rightful owners for a certain period of time. The time frame provisions for each type of the abandoned (unclaimed) property are furnished by New Jersey's Unclaimed Property Statute. Unclaimed Property is not a tax or an additional liability to businesses. An owner's right to the property never expire.
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Alabama
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Alaska
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Arizona
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Arkansas
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California
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Colorado
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Connecticut
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Delaware
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District of Columbia
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Florida
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Georgia
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Hawaii
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Idaho
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Illinois
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Indiana
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Iowa
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Louisiana
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Maryland
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Massachusetts
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Missouri
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Montana
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* Northern Marianas Islands
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Puerto Rico
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Texas
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Vermont
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Virginia
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Washington
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West Virginia
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Wisconsin
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Wyoming
NJ - Trenton, New Jersey *
NewJersey Unclaimed Property: Miscellaneous Information
Unclaimed Property in New Jersey does not include Real Estate.
The State of New Jersey does not have Reciprocal agreements with any other State. Holders of Unclaimed Property must report and remit the property to the proper state on their own.
When remitted by holders to the state, New Jersey Unclaimed Property requires wire transfer for all payments of $50,000 or more.
When an owner of real estate in New Jersey does not pay the property taxes for an extended period of time (redemption period), the county forecloses on the property. This unclaimed property is then sold at a tax deed sale. Entire properties can often be sold out just for the taxes owed.
The list of New Jersey Counties to be used while searching for the unclaimed property escheated to the state of New Jersey: Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Jersey Shore, Long Beach Island, Mercer, Middlesex County, Monmouth, Morris, Ocean, Passaic, Salem County, Somerset, Sussex, Union County, Warren County
the New Jersey Supreme Court has specifically held
that New Jersey's unclaimed property law should be broadly interpreted in favor of the State:
Generally, the public policy of the State is in favor of the
custodial taking of abandoned or unclaimed property by the
State Treasurer . . . . This public policy is so strong that
attempts to circumvent a custodial taking by private
arrangements or private law have been declared invalid.
Similarly, because of the remedial effect of the custodial
scheme, the prevailing custodial statutes have been given a
liberal interpretation in favor of the State and as to the position
of any stakeholder or obligor.
Clymer v. Summit Bancorp., 792 A.2d 396, 402 (N.J. 2002).
