What is Unclaimed Property?
Did you forget your money, not collect a deposit, or never receive a refund that was due to you?
New Mexico Taxation and Revenue Department (TRD) may have it. The purpose of the Unclaimed Property Office is to reunite lost owners with their property. We want you to have your property!
Generally, unclaimed property has monetary value and has been abandoned. Property is considered abandoned when efforts by the holder to locate the owner fail, and it remains unclaimed by the rightful owner for the number of years prescribed by statute. When that time expires, businesses holding property for which the owner cannot be located turn it over to TRD. TRD is then responsible for safeguarding the funds, attempting to locate the owners, publicizing the names of apparent owners who cannot be located otherwise, and returning the assets to the owners as they come forward. Click Sections 7-8A-1 through 7-8A-31 NMSA 1978 to read the law.
The turn-around time for receiving an unclaimed property varies. TRD has 90 days from the date a claim is filed to approve or deny the claim and an additional 30 days to pay the claim. However, TRD processes claims in a timely manner when sufficient ownership documentation is provided. Often a claim requires review and approval by more than one agency, or payment is issued by an agency that is not associated with TRD.