Old Escrow Accounts escheat as unclaimed property to which entity?

Old escrow accounts escheat as unclaimed property to the State of New Jersey. When there are funds in an escrow account that remain unclaimed for a specified period, they are considered abandoned or unclaimed property by law. In New Jersey, the Unclaimed Property Act governs how unclaimed funds are handled, and these funds typically escheat to the state rather than any municipal or federal entity. Once the funds escheat, they are turned over to the state treasury where they can then be claimed by rightful owners who come forward to identify their property, or they may eventually be used to support state programs.

This process ensures that funds are not left dormant and provides a mechanism for recovering unclaimed property, which is an important part of financial oversight within municipal finance. The other options involve entities that do not have the legal authority to claim such funds under the relevant statutes regarding unclaimed property in New Jersey.