Exam: Possession and Property Essay

Submitted By Regee1988
Words: 1433
Pages: 6

Case Study

Riquetta Elliott
Mrs. Petzold
BUS 116.001

In the state of North Carolina, the unclaimed sometimes can be use for cash, homes, bank accounts, and lands. Also this property is dealt with, managed, and controlled by the state treasurers. North Carolina takes fully responsibility and handling the focus on the unclaimed property. Now if the property is still unclaimed and the owner has not gotten its personal property, then the owner has to file and report for the missing money. Most importantly owners must take the statement report to unclaimed property to the state. People should comprehend and perceive that the North Carolina can sometimes be assumed, being thought of, and being called or known as an abandon property, but the difference is that there has to be no document business deal or no contract with the owners for more than just five years to be précised, if the property is missing.
If the holder of the property thinks and believes that the missing financial values is abandon, then it must be stated to the owner or if the holder of the property has filed a report, the holder must pay or take the property to the state treasurer, but if the holder of the property failed to report or send the unclaimed property to the owner, then holder is responsible for the penalties and is hold liable of the unclaimed property.
Abandon property which is sometimes called and is known as unclaimed property. Sometimes individuals may actually have to deal with and handle of taking care of the personal property that still belongs to someone else, or have a high chance of being sued for its replacement value. As a common rule, a person has the burden of proving something is purposely and sometimes accidentally abandoned by its owner before you can get rid of the property. Clearly there is someone who believes that the property can still belong to the person if, so it might not be legally abandoned property. Sometimes there is other situation that the owners and the holders used are called a bailment. The property was left with the other person, which is the baliee, for safe keeping. The person who has the property has some responsibility to protect it as the bailment is for the benefit of the owner, so this means the baliee is highly liable of taking care of the bailor’s personal property.
With the abandon property, it really becomes a property if the holder finds it and takes the belonging. In the United States, the state laws decide when the money or the property is officially an abandon property. To search for the abandon property, people have to or can do a research on different websites or they can contact the state treasurer to report for abandon property. Certain states may also try to find the owners of the unclaimed property by letters, emails, and article announcements. At some states, if the property continues to go unclaimed for too long or even longer, then the states has to keep and surrender the find the owner, which this definition or term is called escheatment. Also holders have to make sure that the list times that they try to contact the owner. They have to make sure that they have listed ways for them to be contacted on their letter too to send to the treasurer. And of course the holder has to make certified copies of the original letter and it has to be corrected. If the holder of the property do not get a returned receipt with a signature then the holder will need to be legally notified in the local newspaper for several weeks again stating in their words that if the owner doesn't contact them within thirty days, the holder will have to consider the property to be abandoned and that the holder will have to get rid of the of the property, which the owner does not claim anymore.
Sometimes the states believe that it is worth more than the payment of filing public notice of abandoned property, they might want the holders to deliver or take the belonging of the property to the state. The