Asset Recovery Insights
Our focus is strictly on cash or cash convertible municipal postings throughout the United States. In many cases, these are performance bonds posted to ensure completion of construction projects, or uncashed checks.
We do not pursue items such as escheated property, trade receivables, tax funds held by the state treasury, or inheritances.
AMC works strictly on a contingency basis. All fees are paid on a percentage basis of any monies that AMC successfully recovers on the client's behalf.
Asset Management Consultants has been in business for 30+ years, tackling the recovery process from a builder/developer perspective. Over that time, we have developed an expansive database of assets held within municipalities across the country.
Each municipality operates uniquely from one another. Our team has established working relationships and industry knowledge with each of these municipalities. This alone sets us apart from other firms.
In most cases, municipalities require a notarized Power of Attorney for AMC to act on our client’s behalf during the recovery process. The POA gives us the ability to pursue these assets, completing necessary forms and navigate the refund process.
With specific identifiers as to the bond type, posting date, original amount, and exact locality, you may recover the funds yourself. However, municipalities put limited efforts to track down and return these assets to their rightful owners in most cases. Also, the municipality may retain interest revenue the funds have generated while sitting on their accounts over many years.
Every state has a dormancy period, after which municipalities are required to hand over unclaimed property, such as uncashed checks and some other assets. AMC does not focus on escheated funds, as these records are readily available on the state's website. Instead, AMC narrows in on those assets that do not meet the requirements to be escheated to the State and are still being held on the Municipal level.
Painstaking research efforts go into every file in our database. AMC may provide potential clients with very generalized information about the assets we have discovered during the contract execution stage. Specific identifiers are withheld to protect our firm’s own interest and business model.
Every state has different laws and processing related to the escheatment of assets. Some municipalities, in our experience, have ordinances that allow them to escheat these funds to themselves after a certain period, meaning they absorb the monies into their general fund. This is why it is important you allow AMC to begin the recovery process on your behalf as soon as possible.
The Executor of the estate may execute on behalf of the deceased.
Municipalities are limited in their resources and ability to track down rightful owners of these assets. Furthermore, municipalities may retain any interest revenue the funds have generated while sitting on their accounts over years. AMC serves as a supplement to those efforts, helping track down and identify rightful owners.
The municipality will refund the money back to the entity that posted the deposit. With proper supporting documentation, AMC can complete the recovery and return the money to the rightful owner.
The funds we recover should be considered tax-free. These are assets that originally belonged to you; therefore, this should not be considered income subject to tax liability. However, we always recommend you work with a tax professional to confirm what applies to your own unique situation.