The Challenges

Factors Impeding Corporate Asset Location and Recovery

Companies seeking to comprehensively locate and recover their corporate unclaimed property assets must overcome an array of limitations inherent in the current system, including these 3 critical challenges:

Outmoded Asset Recovery Web Sites

The only methods most states provide for locating missing assets involve web sites with severely limited search capabilities. A majority of these only allow the input of a single name/search term at a time. Large corporations with extensive “family trees” of historical and current operating entities may find searching a single name entity across multiple search to be highly inefficient.

An Inability For “Wildcard” Searches

Many of these state-provided search tools are built to match only the exact search name input. This creates a potential issue with discovery in those instances when unclaimed property assets are listed with a misspelling, abbreviation or acronym. Clerical errors and spelling anomalies of these sorts are among the primary reasons that many business assets are reported as unclaimed property.

The Daunting Administrative Tasks Required

The difficulty of locating unclaimed property assets can be matched by the administrative tasks associated with recovering them. For starters, there is no uniform claim form or claim evaluation process across all states. Each jurisdiction may require different supporting documentation in order to substantiate ownership of the property in question. A minor deviation from the requisite process will invariably result in a claim denial.

Over decades of successful unclaimed property location, Boomerang has developed proprietary search tools and technology solutions to overcome these challenges and help our clients recover money they didn’t know they had.