Excess Funds Excess


Funds

Unclaimed property consists of abandoned assets with value, and when businesses are unable to locate the owner, they transfer the property to the State Department. The State takes on the role of preserving the funds, attempting owner location, publicizing unlocated owners, and facilitating their rightful claim to the assets.

While there is no specific legal definition, in general terms, a Asset Recovery Specialist refers to an individual or a business entity that assists in locating unclaimed property on behalf of individuals in exchange for compensation. Asset Recovery Specialists, individuals or entities that specialize in locating and assisting in the recovery of presumed abandoned property, are not affiliated with the Taxation and Revenue Department.
Asset Recovery Specialists operate on a contingency basis and charge a fee to clients for their services, which are determined in an agreement between a client receiving said funds, and the company locating the Excess Funds.