If a bank receives funds from a property claim, is it required to notify the homeowner?

Get Legal Help Today

 Secured with SHA-256 Encryption

If a bank receives funds from a property claim, is it required to notify the homeowner?

Asked on December 27, 2015 under Insurance Law, Maryland

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

The bank should notify the homeowner.  If the bank attempted to notify the homeowner, but was unsuccessful; for example, change of address or other reasons, after a period of time which varies from state to state, the bank sends the unclaimed funds to the state as unclaimed property.
If that occurred, you can recover the funds from your state's unclaimed property department by submitting various forms and following the instructions on your state's unclaimed property website.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption