The Dark Side of Unclaimed Property

Many times I have told readers of this column and of Practical Accountant of state Web sites that list owners of unclaimed property that was transferred to the state from businesses and entities that were holding the property for years, but who weren't able to communicate with the property owner so the property could be claimed. I figured firms could publicize the sites, and a perusal would result in "found money" for a number of the firm's clients.

There is a dark side to unclaimed property that I failed to think about or mention until now. I discovered it when reading a BNA press release which announced that Deloitte & Touche's Unclaimed Property practice teamed with the law firm of Morris, Nichols, Arsht & Tunnell, LLP, to co-author The BNA's Corporate Practice Library's Portfolio No. 74-2nd, entitled "Unclaimed Property."