Division Due Diligence

While property, for which a claim has not yet been asserted, is held by the UPCF, and the Division’s investigation, whether independently or in conjunction with state agencies, determines that a claim would likely be valid, Division staff will attempt to contact the owner to initiate the claims procedure. Under M.G.L. c. 29, § 32, on June 30th of each year, the Comptroller is to transfer to the Abandoned Property Fund all funds that have remained in the UPCF for at least one year. Accordingly, the Division, as custodian of the UPCF, is, in essence, a holder subject to the requirements of the abandoned property statute, M.G.L. c. 200A. As such, the Division is specifically subject to M.G.L. c. 200A, § 7A, which requires holders to send a notice to the owner of the property at least 60 days prior to the turn over of the property to the Abandoned Property Fund. Consequently, a least 60 days prior to the transfer of propertyto the Abandoned Property Fund, the Division will send a notice to the record owner of the property at that person’s last-known address.