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Unclaimed Money New Mexico

Unclaimed Money New Mexico

What Is New Mexico Unclaimed Money?

The phrase unclaimed money in New Mexico is a reference to any kind of money or property that has been discarded or not claimed by the rightful owner. The state of New Mexico has a variety of laws and regulations that govern the handling of money that is not claimed that are outlined in New Mexico Stat SS 7-8A-7 in the New Mexico statutes.
According to the Unclaimed Property Act, all unclaimed funds are required to be reported and handed into the State of New Mexico by the holder of the property. State via the New Mexico Department of Taxation and Revenue. After escheatment is completed, the state will then take possession of the property and tries to find the owner. If the owner isn’t found within a specific amount of time, then the money or property is auctioned off.
According to New Mexico law, unclaimed funds can include, but are not limited to:
  • Dormant bank accounts;
  • Uncashed checks;
  • Contents of the safe deposit box abandoned and
  • Life insurance benefits that are not paid.
Generally, the duration of dormancy allowed for each property that is not claimed differs based on the kind of property. For example, dormant bank accounts are those that have seen no activity for a time of at least three years. Checks that have not been claimed were issued but have not been cashable within one year from the date of issue. Unclaimed safe deposit box contents are ones that remain unclaimed for at least one year. Finally, unpaid life insurance benefits are those that haven’t been paid by the policyholder or the beneficiary within two years after the date of death of the policyholder.
The laws governing unclaimed money in New Mexico are intended to ensure that the rightful owners are able to claim their assets and also protect the rights of people who find unclaimed funds.

How To Find Unclaimed Money in New Mexico?

In accordance with New Mexico law, unclaimed funds can be located in many locations. The state comptroller is obliged to keep a record of all property that is not claimed, including money as well as other assets. The list is made available to the public, and individuals can search their names or those of any company to find out if there are any unclaimed funds due to them.
In addition, the treasurer’s office also maintains records of money that are not claimed. You can look up their names on the treasurer’s site or call directly with the treasurer’s office to ask about money that is not claimed.
In addition, many banks and financial institutions have programs to assist individuals in locating money that has not been claimed. These programs typically consist of searching through databases of accounts that are not in use and other documents. It is common for people to search your name on the web of their financial institution or bank to find out if they have any outstanding money due to them.

How to claim unclaimed money in New Mexico

If the property is unclaimed and of interest, the person who claims it is required to make a claim with authorities at the New Mexico Department of Taxation and Revenue. In order to make a claim for unclaimed property in the state department of taxation, a person filing the claim must prove ownership of the assets or funds. The evidence required to prove ownership varies based on the kind of property and the conditions in which it was abandoned.
The requirements can also differ based on the status of the claimant with regard to property. The following are typically needed to make claims:
  • A notarized and signed claim form;
  • A photo ID issued by the government, as well as proof of Social Security Number
  • Address proof is required to prove the address.
  • Legal documents that establish powers over attorney, guardianship, trusteeship, or custody to be able to act on behalf of the original owner
  • Photograph identifications of both the owner who originally owned the property and their representative
  • A notarized proof of identity by a health care professional on the letterhead of a company (that is when the owner is in possession of not being able to show ID because of incapacitation)
  • Address proof could include the auto registration, utility or bank statement, birth or marriage certificates, or court papers, as well as a credit report.
In the event that the claim is used for a business, the claimant must supply the following information:
  • Legal documents of the business’s ownership
  • Government-issued ID
  • Notarized and signed claim form
  • Evidence of the business Proof of business (FEIN)
  • Address proof
The claim could then be made online, in-person, or via mail to:

New Mexico Taxation and Revenue

1200 South St. Francis Drive

Santa Fe, NM 87504

(866) 285-2996

How Do I Find Unclaimed Money For Free in New Mexico?

New Mexico unclaimed money searches can be processed by databases of the National Association of Unclaimed Property Administrators at no cost. The website is sanctioned by the federal government of New Mexico as well as other US states. Alternately, users can use this Financial Management Service website of the US Department of the treasury which gives information about federal assets. New Mexico state residents can access money that is not claimed by using one of the databases below:
  • HUD/FHA Mortgage Insurance Refunds
  • Bankruptcy Courts (New Mexico)
  • Treasury Hunt

How long does it take to get unclaimed money in New Mexico?

This question is contingent on a variety of aspects, such as the kind of unclaimed funds and the organization in charge of the money. In general, the process of receiving money that is not claimed by New Mexico can take anywhere between a few weeks and months.
For instance, people who are unable to claim money from tax refunds or a check that has not been cashed may have the ability to receive their cash quickly. It is possible to get your money quickly. New Mexico Taxation and Revenue Department has an online database where people can search for money that is not claimed. If their name is in the database, they may fill out a claim form and generally receive their money within a couple of weeks.
Other forms of unclaimed funds, including utility or insurance benefits, can take longer to be credited. It is possible that the New Mexico Department of Public Regulation has an online database of property that is not claimed which includes utility deposits. People can search for their name in the database then; should they spot the right match, they can submit an application for a claim. This agency then starts the process of confirming the claim and will issue the money, which could be a couple of weeks or months.

Can you claim unclaimed money from deceased relatives in New Mexico

In the state of New Mexico, the unclaimed property or money of deceased persons can be claimed by the following individuals:
  • The spouse who is the surviving spouse of the deceased
  • Child of deceased who is age or more.
  • A grandchild of the deceased who is age 18 or more
  • The parental figure of the decedent
  • Siblings of deceased who is age or more
  • Any other heirs in legal of the dead that is old or more
If multiple people qualified to claim the unclaimed funds or estate of the decedent, the property or money would be divided equally between the eligible individuals.
New Mexico Taxation and Revenue Department According to the New Mexico Taxation and Revenue Department, if the owner dies or the person claiming is a representative of the legal entity, They will have to present the following evidence to prove their claim:
  • Amount of entitlement to the funds in accordance with the applicable laws on heirship, an original photocopy of the decedent’s death certificate and
  • The proof that the owner was a resident or had mail delivered to the address that is listed as utility statements or bank statements or birth certificate court documents, birth certificates, or credit report
The above specifications are applicable in the case of claims for property belonging to the estate of a deceased person who wasn’t previously subject to probate or in cases where probate had been closed.
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