Unclaimed Property Holder Information
INSTRUCTIONS FOR PREPARING COMMONWEALTH OF MASSACHUSETTS UNCLAIMED PROPERTY
REPORT FORM AP-1
NOTE! Holders now have the ability to upload NAUPA-formatted files,
receive e-mail notification when reporting packets are available, or update their contact infomation.
For instructions, please
- NATURE OF UNCLAIMED PROPERTY
The Massachusetts Unclaimed Property Law (
M.G.L.c. 200A ), requires business entities and others to review their
records each year to determine whether they are in the possession of any
unclaimed funds, securities or other property which is reportable under Chapter
200A and to make an annual report of their findings.
- WHO MUST REPORT
Banking and Financial Organizations including any bank, trust company, savings
bank, safe deposit company, private banker, savings and loan association,
credit union, and cooperative bank. Both state and federally chartered
institutions are required to report.
All Business Associations, wherever located, domiciled or incorporated, such as
a corporation, joint stock company, business trust,
partnership, cooperative or other association for business purposes of two or
more individuals, whether or not for profit, are required to report.
Other Legal Entities including governments, political subdivisions, public
authorities, public corporations, estates, trusts
or any other legal or commercial entity, including nonprofit organizations are
required to report.
All Holders: All of the foregoing must report
annually to indicate whether they have reportable items for that year. A
negative report is required if no unclaimed property is being held.
All holders including business associations, banking and financial
organizations and other legal entities are responsible for filing reports on
behalf of their branches, divisions or other affiliated entities.
The Unclaimed Property Law provides that holders
who fail to comply with the law may be audited and the costs of examination
shall be paid by the holder. Additionally,
holders are subject to a 12% interest charge (or such interest as
prescribed by Title 25, Section 6621 of the U.S. Code) on all property not
reported or delivered as required by the law (including property required to be
reported under the prior law).
- NOTICE TO PROPERTY OWNERS
On or before September 1, all holders must
mail to the last known address of owners of
unclaimed property, with a value of $100.00 or more, a notification of the
process necessary to rebut the presumption of abandonment. (Life Insurance
Companies shall mail this notice on or before March 1).
- WHEN TO FILE
All Holders (except Life Insurance
Companies): Reports (consisting of the completed AP-1
form and magnetic tape or diskette) and property remittance are due no
later than November 1 of each year. Reports must include all property that has
gone unclaimed for the designated abandonment period as of the preceding June
The state will publish the names of the owner(s)
not later than the following March 1st. (Life insurance September 1)
Life Insurers: Life insurance companies must report by May 1 of each year any
property that has gone unclaimed for three years or more as of the preceding
December 31. The state publication of owner
names takes place no later than the following September 1st.
Early Reporting Permitted in Some Cases: Any person who has possession of cash
property which will become reportable in the future, may, with the prior
written approval of the Treasurer, report and deliver such property prior to
the date required for reporting.
- WHAT TO REPORT
General: Any debt or obligation which has gone unpaid or security that has
remained undelivered for three or more years after the date the
owner should have received it or was entitled to claim it. Corporations
and business associations must also report and deliver all
underlying share certificates where the owner for three years has
failed to cash a dividend. Please refer to the checklist on
Form AP-1 for more specific examples of the types of property, which
are reportable. All such property that you owe to a Massachusetts resident or
corporation must be reported. If you are a Massachusetts corporation or a
resident of Massachusetts, you must also report all property for which you have
no last known address of the owner, and all
property where the last known address is a foreign country. (U.S. Supreme Court
,Texas v. New Jersey , 379, U.S. 674, 1965).
Note exceptions: By Federal Law, travelers checks, money orders and similar
instruments are reported to state of issuance regardless of corporate domicile,
unless the state issuance has no applicable law.
- HOW TO REPORT
Use the following item-by-item instructions to complete the
AP-1 Form. You may download the AP-1
Form in PDF format.
Please note: form must be printed on Legal size (8-1/2" x 14") paper.
Verification and Checklist Form AP-1.
Complete and mail the form along with your magnetic tape or diskette and your
remittances by November 1 (May 1, if you are a life insurer). Make checks
payable to The Commonwealth of Massachusetts. Send check, completed
AP-1 form and your magnetic tape or diskette to the address at the
bottom of this page.
UNCLAIMED PROPERTY HOLDER NUMBER: This is the number assigned to each holder by
the Unclaimed Property Division. Leave it blank if you are unsure of the
FEDERAL TAX I.D. NUMBER: This is your Federal Tax Identification number.
HOLDER: Enter the name and address of the reporting holder of unclaimed
CONTACT PERSON: Insert the name of the person most familiar with the details of
the report. The State Treasurer's Officer or property owner
will contact this person should any questions arise concerning the report of
TELEPHONE NUMBER: Insert the contact person's telephone number. FAX NUMBER:
Enter current company fax number.
ADDRESS: Insert the contact person's mailing address, if different from the
PREVIOUS HOLDER: If you are not the original holder of any of the property
listed on the report, enter the name of all prior holders and the date(s) that
the property changed hands. If your name has changed during the time you held
any of the property listed on the report list the prior name(s) and date(s) of
change. Attach a separate sheet if necessary.
BUSINESS ACTIVITY: Please describe your primary business activity.
REPORT YEAR: Enter the year of the report.
CHECKLIST: Examine your books and records to determine whether you have held
any of the types of property listed on the checklist for three years or more.
(Note: you are a "Holder" of unclaimed property even if you have
taken it into income at some point in the past). Check "Yes" or
"No" by each listed category. If you check "Yes" by any
category you must report on a magnetic tape or diskette all items of that type
which you may have held for three years or longer.
REPORT TOTALS: A breakdown of all funds reported must be filled in, including
aggregate (no owner name, address
unknown or balances less than $100.00) and owner total (all accounts where an
owner name and address is reported regardless of the balance). If you are
reporting shares of stock or mutual fund shares include the total number of
VERIFICATION: An authorized individual must sign the report under oath. If the
report is made by a partnership, it must be signed by one of the partners; if
made by an non-incorporated association or by a private corporation, it must be
signed by an officer; if made by a public corporation it must be signed by its
chief fiscal officer. Note that this signature must be
- GENERAL INFORMATION
The following specifications are general requirements for tape and diskette
reporting. A completed AP-1 Form must be
submitted along with the report, regardless of the filing medium.
- Magnetic Tape
Cartridge: IBM 3480 type cartridges, no compression
Reels: Nine-track magnetic tape, density of 1600 or 6250 BPI
Data Format: EBCDIC or ASCII
577 bytes per record
14 records per block or 8078 bytes per block
All numeric fields must be right-justified, zero filled
All alphanumeric fields must be left-justified, blank filled
No packed numeric fields
- Record Types and Descriptions
The NAUPA standard for reporting unclaimed property is based on four record
All four record types are 577 bytes each. The first byte of each record must
contain a TR-CODE that denotes the type of record, and the subsequent 576 bytes
are used to store the fields for that particular record. The TR-CODE, always a
number between 1 and 4, indicates the type of record as follows:
HOLDER: Contains information about the holder responsible for the report
PROPERTY: Contains information about each property and the primary
owner of each property
PROPADD: Contains information about additional owners, if any, of same
SUMINFO: contains summary information about each holder report
TR-CODE = 1, then it is a HOLDER record
If TR-CODE = 2, then it is a PROPERTY record
If TR-CODE = 3, then it is a PROPADD record
If TR-CODE = 4, then it is a SUMINFO record
REMEMBER: All four record types must be 577 bytes in length. The first byte of
each record will contain a TR-CODE as explained above. The remaining 576 bytes
contain the various fields in the data set. All fields are a fixed length.
Since all records MUST be 577 bytes, excess space in a field or record must
contain filler (blank fill if alpha field, zero fill if numeric field). This is
the template upon which all records must be based.
Refer to the description &comments column in the record layout for each
record type, where the specifications will state whether a field is mandatory,
required, or optional. If the field is marked "M" for
"mandatory" , data must be supplied or the report could be rejected.
If the field is marked "R" for "required" , information
must be provided if known. Required information is usually required by law or
regulation. If the field is marked "O" for "optional" , the
information is desired.
- Multiple Holder Reports
Since the PROPERTY, PROPADD and SUMINFO records contain no fields linking them
with a specific holder record, using a single magnetic tape or diskette for
multiple holder reports requires careful handling. If multiple holder reports
are put on a single tape or diskette, holders MUST follow the instructions
- Magnetic Tape (Reel or Cartridge)
The HOLDER record for the first holder report must be the first record on the
tape or cartridge, and the SUMINFO record must be the last record in that
holder report. ALL PROPERTY and PROPADD records located between the HOLDER and
SUMINFO records will be assumed to belong to that HOLDER record.
The HOLDER record for the second holder report should be the first record after
the SUMINFO record for the previous holder report. The same criteria will hold
true for the next holder report, and so on.
Multiple holder reports may be included on a single diskette, using one of the
OPTION 1: Each holder report is located in a separate file in the root
OPTION 2: All holder reports are in the same file in the root directory. The
holder report must be the first record in the file, and the SUMINFO record must
be the last record in that holder report. All PROPERTY and PROPADD records
located between the HOLDER and SUMINFO records will be assumed to belong to the
HOLDER record. The HOLDER record for the second holder report should be the
first record after the SUMINFO record for the previous holder report. The same
criteria will hold true for the next holder report, and so on.
- ADDITIONAL FORMS OR DISKETTE PACKAGE REQUESTS
If you need additional AP-1 forms, you
may click here , photocopy a blank form,
or write the Treasurer's Office for extra forms. If you wish to request a
preformatted diskette package, at no cost to the holder, please contact the
Treasurer's office. You may also
download it. Copies of the Unclaimed Property Law are available from
the Treasurer's Office by writing or calling. You may also
access Unclaimed Property Law on-line.
The National Association of Unclaimed Property Administrators approved
revisions to the NAUPA Standard Electronic File Format at its Annual Meeting on
July 14, 2002 in St. Louis. The new format will become effective on November 1,
View the new
reporting standard (Requires free Adobe Acrobat Reader.
Download the latest version and then install
the free Adobe® Reader® software for best results).
Visit NAUPA , the National Association
of Unclaimed Property Administrators, to learn about national requirements for