Corporate Asset Recovery FAQs
Frequently Asked Questions
Corporate Unclaimed Property (sometimes referred to as abandoned property) refers to types of financial assets or accounts where the “holder” has not had activity or contact with the “owner” for a period of time typically ranging from 3 – 5 years.
Unclaimed Property can include:
- Customer Overpayments, Credits, and Refunds
- Dormant Savings and Checking Accounts and Certificates of Deposit
- Safe Deposit Box Contents
- Stock Certificates
- Uncashed Benefit Checks and Insurance Proceeds
- Uncashed Money Orders, Cashier’s Checks, and Traveler’s Checks
- Uncashed Stock and Mutual Fund Dividends
- Unclaimed Security Deposits
- Utility Deposits
Corporate Unclaimed Property does not include real estate.
Corporate Unclaimed Property occurs when there is a lack of communication or activity between the “holder” of the corporation’s asset and the corporate “owner” of the asset. For corporations, unclaimed property can often happen as an unintended consequence of:
- Large volume of transactional activity
- Multiple business offices and addresses
- Office location move
- Incorrectly used company mailing addresses
- Payments with misspelled corporate name
- Change in staff at the business unit
- Merger and acquisition activity
- Restructuring activity
- Minor clerical errors
These types of events mentioned above commonly cause a break in connection between the “holder” of the accounts and the “owner” of the accounts. As a result, the accounts and assets move into a period of dormancy and, subsequently, become formally abandoned.
The dormancy period of inactivity and non-contact between the “holder” and “owner” of the asset vary based upon jurisdiction and type of asset. However, the typical dormancy period is 3 – 5 years before the asset becomes formally abandoned.
Although a corporation’s property and assets may become abandoned, they may still be eligible for recovery and return. The process requires researching with the various agencies, finding the recoverable asset, providing the applicable supporting information to perfect the recovery claim, submitting the recovery claim, and tracking the claim to answer any questions and insure proper processing and recovery monies release.
Emptech’s role is to take responsibility of all aspects of the recovery process on behalf of the corporation to insure highest possible recovery while minimizing client’s time.
The amount of time necessary for recovering funds varies widely based upon jurisdiction, time of year, type of claim and amount of recovery. Some agencies may be able to provide recovery payment within a couple of weeks of claim submission and others may take a number of months. Recovery payments are issued directly to the corporate owner. Emptech specializes in properly identifying the assets eligible for recovery and preparing the appropriate claim package to help insure prompt processing with minimal delay.
Researching, identifying, preparing claim and recovering lost asset funds is a skill and resource intensive process. Each and every jurisdiction has its own unique rules, and claim preparation and submission protocols. Emptech specializes in navigating the jurisdictional agency maze on behalf of the client.
Additionally, using Emptech greatly improves a corporation’s recovery yield of finding hidden assets. Our research protocol covers “general search” criteria (such as basic name) but also expands to “smart search” protocols where we search for alternative and incorrect name spellings, current and prior business names and DBAs, and current, prior and “similar” business addresses – all variables that may have been the reason for triggering the abandoned asset in the first place!
We perform this search work on both open data sources as well as acquired data sources. Our proprietary databank aggregates a wide range of jurisdiction information to allow efficient master search. Finally, Emptech gives you peace of mind by taking responsibility of all aspects of the recovery project and providing you 24/7 access to claim and project status. Clients have clarity of progress and results to guarantee an excellent ROI.
Recovery work is performed on a contingency fee basis. Rates typically vary from 10 – 20% of the recovery depending upon the jurisdiction and type of recovery performed. There is absolutely no “out of pocket expenses” or fees until recovery received. For non-recovery related unclaimed property issues, Emptech also offers fixed fee or hourly consulting services.