;-- M.C.L. As previously mentioned, the laws that govern abandoned property will vary from state to state. The Michigan Unclaimed Lot Act. 1981, Act 104, Eff. Law Practice, Attorney 350 of the Public Acts of 1980, being section 550.1403a of the Michigan Compiled Laws. If you've given the tenant reasonable notice and they haven't come back for the property, you can dispose of it. (2) A holder who has paid money to the administrator pursuant to this act may make payment to any person appearing to the holder to be entitled to payment and, upon filing proof of payment and proof that the payee was entitled to the payment, the administrator shall promptly reimburse the holder for the payment without imposing any fee or other charge. Property Law, Personal Injury Property held by court, governmental agency, or public corporation or authority. This timeframe can be anywhere between one week and one year. (b) The insured has attained, or would have attained if he or she were living, the limiting age under the mortality table on which the reserve is based; the policy was in force at the time the insured attained, or would have attained, the limiting age; and neither the insured nor any other person appearing to have an interest in the policy within the preceding 2 years, according to the records of the insurance company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the insurance company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the insurance company. Finally, an attorney can also represent you in court as needed. The administrator shall allow the claim if the administrator determines that the other state is entitled to the property under subsection (1). (o) State means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. Eff. Personal property is generally considered to be abandoned when it is found in a place where the propertys true owner intended to leave it, but is in such a condition that it is apparent that the owner has no intention of returning to claim the property. (1) Property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 5 years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary. Payment or delivery of abandoned property to administrator; duplicate certificate: (1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance owing if an estimated payment was made under section 18.
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