"Property" in this case does not mean land, but consists of uncashed checks, unused bank accounts, and other property such as stocks and bonds that has not been claimed by the owner for a specified period of time (generally two to five years). In some cases the property was missed in the probate of an estate, or it may have simply been forgotten by the owner.

The division acts as custodian of these unclaimed funds from banks, insurance companies, hospitals, utilities, retailers, local governments, and other entities.

Once a year, any business operating in the State of North Dakota is required to check its accounting records for dormant accounts, outstanding checks, credit balances, unclaimed securities, etc. Once the property is identified, the business owner needs to notify the property owner at the last-known address to give them an opportunity to recover the property. If the contact attempt is unsuccessful or the owner doesn't respond, the business owner must turn the property over to the Unclaimed Property Division. Annual reporting is required whether or not the business has any funds to remit. (For more information regarding deadlines, dormancy periods, and other reporting requirements for businesses, go to Reporting Instructions for Businesses ).

Once the money is reported to this division, efforts are made to "reunite" the property with its owner in the following ways:

• Maintaining a searchable website that can be searched by name and by city.
• Advertising once a year in the legal section of every county newspaper in the State.
• Displaying a list of owners at premier North Dakota trade shows, such as the State Fair in Minot.
• Doing radio and television public service announcements and interviews.
• Producing direct mailings to last known address on selected properties.

The State guarantees that this money will be held forever for the rightful owner or the owner's heirs.

All citizens of North Dakota benefit from property that remains unclaimed, since the interest earned on this money is used to help fund public schools (grades K-12) throughout the state. Currently, approximately $23 million of unclaimed property is held in Trust.