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.
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