The New Mexico Uniform Unclaimed Property Act requires a holder of property that is presumed abandoned to send written notice to the owner at the last known address in 60 days or less, but not more than 120 days before filing the report.
The written notice is required if:
- the holder has an address in the holder's records for the apparent owner and the records do not indicate that the address is inaccurate;
- the claim of the apparent owner is not barred by any other law of this state, and
- the value of the property is at least $50.
Taking the time to match the owners of unclaimed property against active customer files often has positive results. Due diligence mailings help holders maintain good customer relations, prevent future abandoned property and correct deficiencies in records and processes.