The Michigan Uniform Unclaimed Property Act protects accounts belonging to owners whose whereabouts is unknown. Companies, banks, and other financial institutions identify accounts for which there has not been any owner-generated activity during the applicable dormancy period (Appendix A of the Manual for Reporting Unclaimed Property) and the owner has not responded to due diligence efforts.

If the owner does not respond or contact the holder before the end of the dormancy period and does not respond to the due diligence notice sent by the holder, the account must be turned over to the State Treasurer. The account is held by the State until the owner or the owner*s heirs are located and the funds are claimed.