what I can do with the unclaimed property in New Jersey?
Full Question:
I left employment with a company in NJ in Aug 2016. After I separated, they shipped a piece of test equipment worth $5k. I have twice attempted to return it to them, reaching out to the department head, asking for either a UPS or FedEx account number to use, with no reply. I can only assume they marked that I'd returned everything, and me returning this tool later would embarrass the department head and make it look like they weren't doing their job. How long do I have to keep it before I can consider it abandoned and resell it on eBay?
06/02/2017 |
Category: Abandoned Property |
State: New Jersey |
#38536
Answer:
Statutes in this regard are given below:
N.J. Stat. § 46:30B-7
When property presumed abandoned generally
Except as otherwise provided by this chapter, all property, including any income or increment derived therefrom, less any lawful charges, whether located in this State or another state, that is held, issued, owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned.
At the time that an interest is presumed abandoned under this section, any other property right accrued or accruing to the owner as a result of the interest, and not previously presumed abandoned, is also presumed abandoned.
N.J. Stat. § 46:30B-7.1
Communication between holder and apparent owner
Property shall not be presumed abandoned if within the period that the property remains unclaimed the apparent owner communicated in writing or by other means reflected in a contemporaneous record prepared by or on behalf of the holder, with the holder concerning property or the account in which the property is held, or has otherwise indicated an interest in the property. A communication with an owner by a person other than the holder or its representative who has not in writing identified the property to the owner is not an indication of interest in the property by the owner. An indication of an owner's interest in property includes:
the presentment of a check or other instrument of payment of a dividend or other distribution made with respect to an account or underlying stock or other interest in a business association or financial organization or, in the case of a distribution made by electronic or similar means, evidence that the distribution has been received;
owner-directed activity in the account in which the property is held, including a direction by the owner to increase, decrease, or change the amount or type of property held in the account; orthe payment of a premium with respect to a property interest in an insurance policy.
The application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy has otherwise become entitled to the proceeds before the depletion of the cash surrender value of a policy by the application of those provisions.
N.J. Stat. § 46:30B-34
Items presumed abandoned when interest presumed abandoned
At the time an interest is presumed abandoned under chapter 30B of Title 46 of the Revised Statutes, any other property right accrued or accruing to the owners as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
N.J. Stat. § 46:30B-10.2
Presumption of abandonment after issuance
A record of the issuance of a check, draft, or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the administrator's burden of proof as to the existence and amount of the property and its abandonment is satisfied by showing issuance of the instrument and passage of the requisite period of abandonment. Defenses of payment, satisfaction, discharge, and want of consideration are affirmative defenses that shall be established by the holder.
N.J. Stat. § 46:30B-46
Duty of holder to report property presumed abandoned
A person holding property presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the administrator concerning the property as provided in this article.
N.J. Stat. § 46:30B-69
Sale of abandoned property
Except as provided in R.S. 46:30B-70 and R.S. 46:30B-71, the administrator shall, within three years after the receipt of abandoned property, sell it to the highest bidder at public sale in whatever municipality in the state affords in the judgment of the administrator the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property, it need not be offered for sale. Except as provided in R.S. 46:30B-72.1, any sale held under this section shall be preceded by a single publication of notice, at least three weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
N.J. Stat. § 46:30B-72.1
Sale of tangible property
Regarding the sale of tangible property, such as jewelry and works of art, the administrator shall follow the specifications for payment of safe deposit box or repository charges set forth in R.S. 46:30B-67, and shall proceed with the sale as follows:
a. Thirty days prior to the public sale, notification by standardized form shall be sent to the last known address of the owner by registered or certified mail.
b. Ten days prior to the public sale, legal notice of abandoned property and intent to auction shall be advertised in a regularly published local newspaper.
c. An itemized list of auctionable items shall be prepared by the administrator, identifying each by owner, box and item number. The list shall be prepared in duplicate, the original to be given to the auctioneer, and the copy to be retained on file at the office of the administrator.
d. The holder of the unclaimed property shall receive due compensation, as specified in R.S. 46:30B-67.
e. The office of the administrator shall receive compensation equal to the amount due for the cost of mailing the notice of public auction, and newspaper notices, and a sum equal to the break-open charge of the safe deposit box, to be forwarded to the office of the administrator and used for activities consistent with the execution of the duties of that office.
f. Any remaining balance of funds shall be taken into the custody of the State of New Jersey pursuant to this act.
