Abandoned Property Dormancy Periods in Michigan

Property Type	Presumed Abandoned After
Bank account	Demand, savings, and time deposit accounts: five years Trust deposits without terms of trust: up to 15 years an account under the Michigan Uniform Gifts to Minors Act: 15 years
Checks or drafts	five years
Demutualization proceeds	two years
Gift certificates, gift cards, and credit memos	gift certificates and credit memos: five years
Insurance policies	Life or annuity policies: five years The presumed maturity of an insurance policy is two years.
IRAs or retirement funds	no specific provision
Money orders	seven years
Other intangible personal property not otherwise specified	five years funds held under a prepaid funeral contract: five or 15 years, depending on the statute governing the contract
Proceeds from class action suits	no specific provision
Property distributable by a business association in the course of dissolution	one year Includes refunds
Property held by courts or public agencies	one year
Property held by fiduciaries	five years
Safe deposit boxes	five years
Shares in a financial institution	five years
Stocks, dividends, and distributions	seven years automatic dividend reinvestment plans: 15 years
Traveler's checks	15 years
Deposits and advances owed utility company customer	one year
Wages or salaries	one year