By Samantha Marcus | NJ Advance Media for NJ.com
on December 28, 2015 at 7:08 PM, updated December 29, 2015 at 7:15 AM
TRENTON — New Jersey’s Unclaimed Property Administration connected $123 million in unclaimed assets with their rightful owners or heirs in the fiscal year that ended in June, according to an audit of the agency.
The state paid out $125 million in 2014 and $107.5 million in 2013.
But plenty remains unclaimed. Nearly $264 million was turned over to the state in the last fiscal year alone.
“It is common that in the normal course of business that individuals or businesses lose track of either checks that were issued to them or bank holdings,” according to the state website. “Once property reaches the defined abandonment period with no activity, the holder of this property will turn the property over to the state.”
The Unclaimed Property administration is merely the custodian. You never give up your right to claim these assets. “If property is not claimed it remains in the Unclaimed Property Trust Fund in perpetuity or until a valid claim is submitted and processed,” the website said