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Unclaimed Money Maine

MAINE HAS RETURNED MORE THAN $2 BILLION IN UNCLAIMED PROPERTY TO ITS RIGHTFUL OWNERS.

Unclaimed Money Maine

Each state defines Unclaimed Money, while the underlying concept is the same from one state to the next. Unclaimed money, unclaimed property, unclaimed assets, abandoned property, abandoned money, and abandoned assets are some terms used to describe it. According to the state of Maine, Unclaimed property is money or other financial assets that have been classified lost or abandoned when the owner has been unable to be traced after a period of inactivity. 

Before deeming the property lost or unclaimed, the property holder will have to make efforts to contact the property owner. Safe deposit boxes, bank accounts, refunds, uncashed cheques, unpaid wages, stocks, bonds, dividends, life insurance policies, and refunds are all examples of unclaimed property. Property such as real estate, vehicles, and animals are specifically exempt from the unclaimed property program in Maine.

How Much Unclaimed Money is Maine?

It can be challenging to know how much-unclaimed money is available. Still, Maine does an excellent job of keeping its Unclaimed Property webpage up to date with the quantity of unclaimed property they have. They had $246,998,227 in unclaimed funds at the publication of this article. This statistic, however, is subject to change, so you should check their website for the most up-to-date information. While this may appear to be a large sum, it represents only a small portion of the billions of dollars in unclaimed property in the United States. The National Association of Lost Property Administrators (NAUPA) is a nonprofit organization dedicated to reuniting people with their unclaimed property. According to NAUPA, there is now $42 billion in unclaimed property in the United States.

For the sake of our lessons, we conduct searches in each state in the same way and with the same names. Because Bob Smith is such a common name, we use it in our investigations. This is done on purpose because looking for famous names might be challenging. The most serious risk is that the search may provide so many results that it will be difficult to review them all. Maine, for example, claims to have over 1,000 search results when we search by the last name using the last name Smith. This kind of disclaimer informs us that we haven’t even viewed all of the search results.

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Is There Unclaimed Money In Your Name?

The government may have as much as $58 billion in unclaimed money. Find out if some of it may belong to you or someone you know!