PREPARING THE COMMONWEALTH OF MASSACHUSETTS UNCLAIMED PROPERTY REPORT FORM AP-1

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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
(DUE DILIGENCE)
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 30.

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 number.

FEDERAL TAX I.D. NUMBER: This is your Federal Tax Identification number.

HOLDER: Enter the name and address of the reporting holder of unclaimed property.

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 property remitted.

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 holder's address.

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 shares.

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 notarized.