Heirfinder Contract Guidelines

Office of the Maine State Treasurer

Effective June 1, 2006

Heirfinder contracts are governed by 33 M.R.S.A. s. 1976 and honored by the Treasurer when the following requirements are met:

The contract must:

Be in writing, and
Be the original contract signed by the apparent owner; (no signature is required from the heir-finder and no notarization is needed); and
Contain a brief description of the property, (web-based description is fine); and
Clearly set forth the nature of the services to be rendered, ( i.e. locate/deliver/ recover/assist in the recovery - of property presumed abandoned); and
State in percentage terms the net value of the unclaimed property before and after the heir-finder's fee is deducted; and
Assess a fee of not more than 15% if the contract is dated more than 24 months but less than 36 months after the date the property is received into the Treasurer's custody; and
Not charge a fee that is unconscionable as adjudged by the Treasurer.

EXCEPTIONS

An attorney acting on behalf of a client need not show any contract.
All contracts are void if entered into from the date of the presumed abandonment until 24 months after the property is received into Treasurer's custody.
These guidelines are not intended to apply to situations such as the probating of an estate, which may incidentally include a necessity of locating unclaimed property.

PAYMENT

Payments subject to enforceable Heirfinder agreements shall be made to the verified owner and mailed to the heir-finder's address. The heirfinder and owner are expected to coordinate negotiation of the instrument.

REFERENCE

Maine law is "intended to enhance the likelihood that the owner of the abandoned property will be located by efforts of the State, and will receive a return of the property without payment of a 'finders fee.'" See 1997 Uniform Commercial Code Comment on 33 M.R.S.A. s. 1976