The happenings "inside" the Wisconsin State Treasury and across the street at the State Capitol

Archive for June 22, 2012

FAQ: What do the terms “Due Diligence”, “Aggregate Amount” and “Escheat Period” mean?

“Due Diligence” is the requisite amount of effort a Holder of abandoned property must use to find the rightful owner of property before the property is given over to the State.

The term “Aggregate Amount” is in reference to the amount that the Holder does not need to perform due diligence on and attempt to contact the owner prior to reporting funds as unclaimed property. The aggregate amount in Wisconsin is $50.

The term “Escheat Period” is the period of time required by applicable state law that must elapse before the property is presumed to be abandoned and escheated to the state.  The “escheat period” can also be referred to as the “holding period” or “dormancy period.”