unclaimed property

Definition

Intangible or tangible property that has been abandoned or lost by its rightful owner for an extended amount of time. Assets left by a deceased individual and not identified in a will often end up as unclaimed property. Certain laws stipulate how long an individual has to claim the property before it is sold or given to someone else. These laws typically vary depending on the areas were the unclaimed property is held.

Use unclaimed property in a sentence

You should always try and see if you can get a good price on any unclaimed property that might become a good investment.

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Since he had no children and no one to leave his belongings to in his will, all of his year's of work turned into unclaimed property.

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When Mr. Katz passed away, his will was very vague and it ended up with a situation where all the unclaimed property became the property of the state.

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unchecked uncollateralized loan