Definition
Money owed to someone that has gone unclaimed for a set period, such as uncashed vendor checks or customer credit balances, which holders may be required to report and remit to a state or other authority.
Also called: escheatment, escheat, abandoned property
Key points
- Rules and dormancy periods differ by jurisdiction; check the rules that apply to you.
- Uncashed vendor checks and old credit balances are typical items.
- Clearing credits with suppliers while the relationship is active avoids both lost money and reporting work.
Figures on this page are calculated by ERPSav from the definitions shown. The explanatory text is drafted with AI from those figures and checked automatically before it is published. General information only, not legal, tax or financial advice.