New Mexico Taxation and Revenue Department

FOR IMMEDIATE RELEASE                                                Contact: Victoria Bransford

March 1, 2000                                                                          (505) 827-0313 Pager 939-4624

New Mexico Taxation and Revenue Department Offers Another Internet Service

The Taxation and Revenue Department’s Unclaimed Property Unit has joined the National Association of Unclaimed Property Administrators in offering a free search of the unclaimed property coffers. By visiting WWW.Missingmoney.Com New Mexicans can instantly search by name for any missing or unclaimed property.

Typically the Unclaimed Property Unit advertises lists of owners’ names and last known addresses twice a year in every major newspaper in the state. In addition, the unit also staffs a booth at the New Mexico State Fair. Now New Mexicans can search for their lost or unclaimed property in the privacy of their home simply by visiting the missing money web-site. The web-site is simple, fast and free.

Questions and Answers from the New Mexico Taxation and Revenue Department’s Unclaimed Property Unit

Q. What is Unclaimed Property?
A.  Inactive checking and savings account Unclaimed utility deposits Checks from insurance companies, Court deposits, Uncashed payroll checks, Savings Bonds, Travelers Checks, Gift Certificates, Safe Deposit Boxes, Uncashed state-issued warrants.
 

 
Q. When Does Property become "Abandoned" or "Unclaimed"?
A.  If the property is unclaimed or the owner cannot be contacted by the holder, property is considered abandoned.
 

 
Q. Who can claim it?
A. Original owner, heirs of original owner, personal representative, beneficiary or co-owner.
 

 
Q.  Where can I check for my name and claim my abandoned property?
A.   Visit www.missingmoney.com or contact the Taxation and Revenue Department’s Unclaimed Property Unit at (505)827-0767 or (505)827-0769.

 

 

 

 

 

 
  1. Why does the State have such a law?
  1. To protect abandoned property and return it to its rightful owners or their heirs, and to protect the rightful owners or heirs.
  1. What attempts are made to locate owners?
  1. Holders i.e. banks, credit unions, and insurance companies are required to attempt to contact owners within 120 days prior to sending funds to the state, unless they have documentation that the address shown is not current. In addition the State publishes names in local papers twice a year. The state also staffs a booth at the State Fair annually.
  1. Do other states have the same unclaimed property law?
  1. Yes, all 50 states plus the District of Columbia and Puerto Rico have similar unclaimed property laws.
  1. What happens to this abandoned property?
  1. This abandoned property is forever in the State’s Unclaimed Property Fund for claim by the rightful owners or their heirs.
  1. What about the contents of safe deposit boxes?
  1. The contents of safe deposit boxes are considered unclaimed property by the bank when they remain unclaimed by the owner for more than one year after the lease on the box has expired. The contents are turned over to the state and, after a holding period, items of value are sold at public auction. Other items are disposed of in an appropriate manner.
  1. Do I have to pay a finder’s fee?
  1. No. Owners and their heirs do not pay a finder’s fee to anyone to claim what is rightfully theirs. Once your claim has been received by the Unclaimed Property Unit, you will receive an acknowledgement. If your claim is valid, your property will be returned or you will receive a check within 90 days.