How long does property need to sit before its considered abandoned?

Full question:

How long does property need to sit before its considered abandoned?

Answer:

The answer depends on the type of property in question. For example, the following is a GA statute:

§ 44-12-193. When property held, issued, or owing in ordinary course of holder's business presumed abandoned

Except as provided in Article 17B of Title 10, all tangible and intangible property, including any income or increment thereon, less any lawful charges, that is held, issued, or owing in the ordinary course of the holder's business and has remained unclaimed by the owner for more than five years after it became payable or distributable is presumed abandoned, except as otherwise provided by this article. Property is payable or distributable for the purpose of this article notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.

HISTORY: Code 1981, § 44-12-193, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 1; Ga. L. 2006, p. 720, § 3/SB 195.

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.

FAQs

Abandoning a house typically means that the owner has left the property without any intention to return. This can include not paying the mortgage, neglecting maintenance, and not occupying the home for an extended period. In Georgia, if a property is left unclaimed and the owner does not make any demands for over five years, it may be considered abandoned under certain circumstances (Ga. Code § 44-12-193).