Full question:
How long does property need to sit before its considered abandoned?
- Category: Abandoned Property
- Date:
- State: Georgia
Answer:
The duration for property to be considered abandoned varies by type. In Georgia, for example, tangible and intangible property is presumed abandoned if it remains unclaimed for more than five years after it becomes payable or distributable. This applies to property held in the ordinary course of a holder's business, including any income or increment, minus lawful charges. The property is deemed payable or distributable even if the owner has not made a demand or presented necessary documents for payment (Ga. Code § 44-12-193).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.