Unclaimed property refers to financial assets that have been left inactive or unclaimed by their rightful owner for a specified period.
In Puerto Rico, unclaimed property can include funds from bankruptcy cases, among other sources. This article will explore whether Puerto Rico has unclaimed property, how to search for it, and the steps involved in claiming it.
Understanding Unclaimed Property
Unclaimed property can take various forms, including uncashed checks, bank accounts, stocks, insurance benefits, and more. These assets become unclaimed after a dormancy period, during which there is no activity or contact from the owner. Once this period elapses, the property is reported to the relevant authority, such as the bankruptcy court in the case of unclaimed funds from bankruptcy proceedings.
Unclaimed Funds in Puerto Rico
In Puerto Rico, unclaimed funds, also known as undistributed funds, often result from bankruptcy cases. These funds are paid by the bankruptcy trustee to the Bankruptcy Clerk, who remains the custodian of the funds until the rightful owner claims them. The process for claiming these funds involves specific legal procedures and documentation.
Procedure for Claiming Unclaimed Funds
When checks to claimants are not cashed within ninety days of the final distribution, the trustee must stop payment on these checks and pay all such funds to the Court, in accordance with 11 U.S.C. § 347(a). If the claimant wishes to be paid after the payment has been stopped, they must request these funds from the Court by preparing a motion or letter for the release of unclaimed funds.
Steps to Claim Unclaimed Funds
Here are the steps involved in claiming unclaimed funds in Puerto Rico:
- Prepare a Motion or Letter: The claimant must prepare a motion or letter addressed to the Court requesting the release of unclaimed funds. This document should include all necessary details and supporting documentation.
- File the Request: Individual debtors can claim the withdrawal of funds by filling out an application form available on the Court’s website. Requests should be filed electronically by attorneys. Debtors and creditors without attorney representation may file their requests by visiting the Clerk’s Office or mailing their requests to the provided address.
- Submit Required Documentation: The request must be accompanied by the required information and documentation as specified in Local Rule 3011-1, which can be found on the Court’s website.
- Wait for Court Order: If the Court approves the request, the Clerk will process the payment. The claimant will receive the payment by regular mail or electronic transfer approximately 45 days from the entry of the order.
Bankruptcy Court Information
All requests for the withdrawal of unclaimed funds must be sent to the following address:
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF PUERTO RICO
JOSÉ V. TOLEDO FEDERAL BUILDING & US COURTHOUSE
300 RECINTO SUR, SUITE 134
SAN JUAN, PUERTO RICO 00901
Additional Circumstances
For additional circumstances related to the withdrawal of unclaimed funds, such as deceased claimants, please refer to Local Rule 3011-1 on the Court’s website. This rule outlines the necessary steps and documentation required for various situations.
Why You Should Check for Unclaimed Property
Checking for unclaimed property is important because it allows you to recover assets that rightfully belong to you. Many people are unaware of unclaimed property they have, which can result from forgotten bank accounts, uncashed checks, or overlooked insurance benefits. Regularly checking for unclaimed property ensures that you reclaim what is yours and prevent the state or other authorities from holding your assets indefinitely.
For more detailed information on unclaimed property and how to handle it, check out these helpful articles:
- Is Unclaimed Property a Trap?
- Is Unclaimed Property Legit?
- How to Claim Unclaimed Property
- Who Can Claim Unclaimed Money from Deceased Relatives?
Puerto Rico does have unclaimed property, particularly in the form of unclaimed funds from bankruptcy cases. By understanding the procedures for claiming these funds and regularly checking the relevant databases, you can recover assets that may have been forgotten or overlooked. Follow the steps outlined in this guide to ensure that you reclaim what is rightfully yours.