Making a ClaimĬheck the unclaimed money held by Inland Revenue and follow the instructions on their website on how to claim. Unclaimed money will be paid to the Inland Revenue Department (IRD) if its owner cannot be found. Money in bank accounts will become unclaimed if the person who owns the account has not operated the account for a period of five years. Lawyers and Conveyancers Act 2006 Deposits in Banks and Financial Institutions Making a ClaimĬheck unclaimed money held by Inland Revenue and follow the instructions on their website on how to make a claim. There is no set time period that the solicitor must hold on to the money before paying it to the IRD. Where a solicitor holds money in a trust account and the person that the money is being held for cannot be found, then the solicitor may pay the money to the Inland Revenue Department (IRD). Māori Trustee Act 1953 Money in Solicitors’ Trust Accounts Statements published under the Trusts Act 2019 can be found here: Trust money transferred to the CrownĬopies of the New Zealand Gazette can be found in New Zealand public libraries and at Making a ClaimĬlaimants may approach the Treasury directly to claim trust monies that have been paid to the Treasury. Prior to 2021 the Treasury published statements of Money Held by the Crown in the New Zealand Gazette in accordance with the Trustee Act 1956. The Treasury publishes a statement of the money transferred to the Crown each year. If the money is not paid out during this time, it will be transferred to the Crown bank account as unclaimed money. This will usually be done when none of the trust’s beneficiaries can be found and the trustees wish to wind up the trust. The Treasury holds such money in a trust account for six years. The Trusts Act 2019 allows trustees to pay money or financial products held by a trust (such as a family trust or a charitable trust) to the Crown, through the Treasury, when the trust property cannot be distributed in accordance with the terms of the trust. The following are examples of money (and entitlements to money) that may be unclaimed: Trust Money See below for the different types of unclaimed money and how you can claim that money. There are instructions on their website about how to make a claim. The Inland Revenue Department (IRD) has information about unclaimed money it holds. In most cases, you will not be entitled to interest on any unclaimed money. Where you go to make that claim will depend on what type of money it is. You will need to provide as much evidence as possible to show that you are entitled to the money, including proof of your identity. Unclaimed money can be repaid to the owner of the money, or someone who is authorised to act on behalf or instead of the owner, once a claim has been established as valid. What Happens to Unclaimed Money?įor the most part, unclaimed money is eventually transferred to the Crown, usually to the Treasury or the Inland Revenue Department, or the Public Trust. The length of time depends on the type of money. In general, money is classed as unclaimed after a certain length of time has passed since the person or organisation holding the money has been able to contact the owner. Unclaimed money is money held by a person or organisation, such as a solicitor or a Bank, where the owner of that money (or someone with authority to act on behalf of the owner) cannot be found. This is an information page for members of the public interested in sources of unclaimed money in New Zealand.
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