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In New Jersey, handling unclaimed property is a responsibility managed with precision and care, ensuring individuals or entities are rightfully reunited with their possessions. The New Jersey UP-2 Form plays a crucial role in this process, serving as the Unclaimed Property Report – Owner Information. It is a comprehensive document designed to facilitate the accurate recording and reporting of unclaimed property by holders. This form captures essential details such as the owner's full name, title, address, identification or social security number, birth date, and the nature of the unclaimed property, including cash reported, stock issues, and securities. Furthermore, it specifies the property type code, C.U.S.I.P number, account and check numbers, relationship code, and the number of owners, along with dates relevant to the transaction and transfer of the unclaimed property. The meticulous detail required by the UP-2 form enables the State of New Jersey to efficiently manage and return unclaimed assets to their rightful owners, emphasizing the state’s commitment to fiduciary responsibility and public service. With sections dedicated to both exchanged and unexchanged securities, it ensures a complete record is maintained for all types of property, making it easier for individuals to claim what is rightfully theirs.

Sample - New Jersey Up 2 Form

UP-2 (8-09)

State of New Jersey

UP-2

UNCLAIMED PROPERTY REPORT – OWNER INFORMATION

HOLDER

 

 

 

 

. Page ______ of ______ For Period Ended ________________ 20________

 

 

 

 

 

 

 

OWNER LAST NAME

 

FIRST NAME

MIDDLE NAME

PREFIX

SUFFIX

OWNER TITLE

 

 

 

 

 

 

 

 

OWNER STREET ADDRESS

 

 

 

CITY

STATE

ZIP CODE

COUNTY

 

 

 

 

 

OWNER ID/SS#

 

OWNER BIRTH DATE

TRANSACTION DATE

PROPERTY TYPE CODE

 

 

 

 

 

 

CASH REPORTED

 

STOCK ISSUE NAME

 

C.U.S.I.P. #

NO. OF SHARES

 

 

 

 

 

ACCOUNT NO

CHECK NO.

RELATIONSHIP CODE

OWNER TYPE

# OF OWNERS

 

 

 

 

 

 

 

DATED DATE OF

 

TRANSFER

 

OWNER

UNEXCHANGED

UNEXCHANGED

REMITTED SECURITIES

 

METHOD

CERTIFICATE NO.

ISSUE NAME

C.U.S.I.P. #

 

 

 

 

 

 

 

 

 

DESCRIPTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OWNER LAST NAME

 

FIRST NAME

MIDDLE NAME

PREFIX

SUFFIX

OWNER TITLE

 

 

 

 

 

 

 

 

OWNER STREET ADDRESS

 

 

 

CITY

STATE

ZIP CODE

COUNTY

 

 

 

 

 

OWNER ID/SS#

 

OWNER BIRTH DATE

TRANSACTION DATE

PROPERTY TYPE CODE

 

 

 

 

 

CASH REPORTED

 

STOCK ISSUE NAME

C.U.S.I.P. #

NO. OF SHARES

 

 

 

 

 

ACCOUNT NO

CHECK NO.

RELATIONSHIP CODE

OWNER TYPE

# OF OWNERS

 

 

 

 

 

 

 

DATED DATE OF

 

TRANSFER

 

OWNER

UNEXCHANGED

UNEXCHANGED

REMITTED SECURITIES

 

METHOD

CERTIFICATE NO.

ISSUE NAME

C.U.S.I.P. #

 

 

 

 

 

 

 

 

 

DESCRIPTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Document Specifications

Fact Description
1. Form Name New Jersey UP-2 Form
2. Purpose For reporting unclaimed property and owner information to the State of New Jersey
3. Filed By Holder of the unclaimed property
4. Regulatory Authority Governed by New Jersey's Unclaimed Property Law
5. Components of the Form Owner's personal and transaction details, including names, addresses, and property information
6. Required Identifiers Owner ID/SS#, C.U.S.I.P. #, Account Number, Check Number
7. Property Keys Property type code, cash reported, stock issue name, and number of shares
8. Transaction Details Includes transaction date, date of transfer, and method of remittance
9. Ownership Details Specifies owner type, number of owners, and relationship code
10. Reporting Details Specifies the period ended date, making it necessary for timely submission according to state law

Detailed Steps for Using New Jersey Up 2

Filling out the New Jersey UP-2 form is a critical step in reporting unclaimed property. This document requires detailed owner information to ensure that all unclaimed assets can be accurately attributed and, hopefully, returned to their rightful owners. Accurate completion of the UP-2 form is vital for compliance with state regulations. The steps below will guide you through the process of filling it out correctly, ensuring that all necessary information is provided.

  1. At the top of the form, write the page number you are on in the space provided next to "Page _____ of _____."
  2. Enter the period end date in the space provided. Write the date as two digits for the month, followed by the year in four digits (MM/YYYY).
  3. Fill in the owner's last name, first name, middle name, any applicable prefix (e.g., Mr., Mrs., Dr.), and suffix (e.g., Jr., Sr., III).
  4. Provide the title of the owner, if applicable (e.g., President, Treasurer).
  5. Enter the owner's street address, including city, state, zip code, and county.
  6. Fill in the owner's identification number or Social Security Number in the "OWNER ID/SS#" field.
  7. Provide the owner's birthdate in the space marked "OWNER BIRTH DATE."
  8. Enter the transaction date that relates to the unclaimed property.
  9. In the "PROPERTY TYPE CODE" field, input the code that identifies the type of property being reported.
  10. If cash is being reported, write the amount in the "CASH REPORTED" section. For stocks, provide the stock issue name, Committee on Uniform Securities Identification Procedures (C.U.S.I.P) number, number of shares, and account number.
  11. Indicate any check number associated with the property in the "CHECK NO" field.
  12. Fill out the "RELATIONSHIP CODE" to describe the relationship between the holder and the owner of the property.
  13. Specify the owner type (e.g., individual, corporation) in the "OWNER TYPE" section.
  14. Indicate the number of owners in the "# OF OWNERS" field.
  15. If applicable, provide information about the date of transfer, including the method of unexchanged securities, certificate number, and a description of the issue.

After filling out the form with the necessary information, review all details to ensure accuracy. The completed UP-2 form needs to be submitted to the appropriate state department for processing. Following the correct guidelines will expedite the process of reuniting unclaimed property with its rightful owners, supporting the vital function of maintaining financial responsibility and adherence to state laws regarding unclaimed assets.

Learn More on New Jersey Up 2

What is the New Jersey UP-2 Form?

The New Jersey UP-2 Form is an Unclaimed Property Report designed for the purpose of reporting owner information to the State of New Jersey. Businesses and organizations use this form to report whenever they hold assets that have remained unclaimed by their rightful owners for a specific period of time, as defined by state law.

Who needs to file the UP-2 Form?

Entities that are in possession of unclaimed property belonging to another party are required to file this form. This includes financial institutions, insurance companies, corporations, and any business that may have unclaimed property. It is their duty to attempt to locate the rightful owners before turning the property over to the state.

What types of property need to be reported using the UP-2 Form?

The UP-2 Form is used to report various types of unclaimed property including, but not limited to:

  • Cash
  • Stocks
  • Dividends
  • Insurance proceeds
  • Customer overpayments
  • Uncashed checks

What information is required on the UP-2 Form?

When completing the UP-2 Form, the following information is necessary:

  1. Owner's full name, including prefix and suffix if applicable
  2. Owner's title (if applicable)
  3. Owner's complete address, including city, state, zip code, and county
  4. Owner ID/SS# (Social Security Number or identification number)
  5. Owner's date of birth
  6. Transaction date and property type code
  7. Description of the unclaimed property
  8. Relationship code between the holder and the owner
  9. Owner type and number of owners

When is the UP-2 Form due?

The UP-2 Form must be submitted annually to the New Jersey Unclaimed Property Administration. The specific due date can vary, so it is crucial for holders to verify the current year's reporting deadline directly with the state.

How can one submit the UP-2 Form?

The UP-2 Form can be submitted either electronically or by mail. The State of New Jersey encourages electronic filing for efficiency and environmental reasons. Detailed instructions on how to submit the form and the necessary documentation can be found on the New Jersey Unclaimed Property Administration's website.

What happens if you fail to file the UP-2 Form?

Failing to file the UP-2 Form or filing late can result in penalties and interest charges. Additionally, the state may take legal action to ensure compliance. It is important for businesses to adhere to the filing schedule and requirements to avoid these penalties.

Can an individual claim property reported on the UP-2 Form?

Yes. Owners of unclaimed property or their rightful heirs can search for and claim their property. The New Jersey Unclaimed Property Administration provides resources for individuals to search for unclaimed property and claim it. There is no statute of limitations on claiming unclaimed property in New Jersey.

Where can one get help with the UP-2 Form?

For assistance with the UP-2 Form, the New Jersey Unclaimed Property Administration's website offers guidance, including detailed instructions and contact information for support. Additionally, individuals may seek assistance from professionals who specialize in unclaimed property compliance.

Common mistakes

Completing the New Jersey UP-2 form requires attention to detail. Avoid making common mistakes to ensure the process is smooth and the information is reported accurately. Here are eight common mistakes people make:

  1. Not checking page numbers: Failing to fill out the page number at the top, creating confusion especially if the report spans multiple pages.
  2. Incorrectly reporting the period end date: Entering the wrong period end date can lead to misclassification of the report year.
  3. Omitting owner details: Skipping parts of the owner's name, such as the middle name, prefix, or suffix, which can lead to issues in identifying the property owner.
  4. Using an incorrect owner ID/SS#: Entering an incorrect Social Security Number or Owner ID can lead to the misidentification of the owner.
  5. Neglecting to specify the owner's birth date: Failing to provide the owner's birth date can complicate the verification process.Failure to detail property type code accurately: Misidentifying the property type code may result in incorrect processing of the type of property being reported.
  6. Inaccurate or incomplete relationship codes: Incorrectly using relationship codes or leaving them blank can make it difficult to understand the owner's relationship to the property.
  7. Forgetting to detail the method of remittance for unexchanged securities: Not specifying whether securities were remitted by certificate or another method can lead to processing delays.

It's crucial to review each section of the New Jersey UP-2 form carefully. Properly filling out the form ensures that unclaimed property is accurately reported and processed in a timely manner. Taking the time to avoid these common mistakes can significantly streamline the reporting process.

Documents used along the form

When dealing with the New Jersey UP-2 Unclaimed Property Report, various other documents and forms often come into use to ensure accurate and compliant reporting. These documents are crucial for thorough record-keeping and legal compliance. Below is a list of documents often used in conjunction with the New Jersey UP-2 form alongside brief descriptions of each.

  • Letter of Authorization (LOA): This document authorizes an individual or entity to act on behalf of another in specific legal or financial matters, including the handling of unclaimed property.
  • Holder Notice Report: Before submitting the UP-2 form, entities must send out notices to the apparent owners of the unclaimed property, giving them one last chance to claim their property.
  • Due Diligence Letters: These are follow-up letters sent as a part of the holder notice process, designed to ensure that all efforts have been made to contact the owner of the unclaimed property before it is reported to the state.
  • Power of Attorney (POA): This legal document gives someone the authority to act on another person's behalf in legal or financial matters concerning the unclaimed property.
  • Unclaimed Property Verification Form: A form used by the state to verify the details of the property reported on the UP-2 form, ensuring accuracy and completeness.
  • Safe Deposit Box Inventory Form: For unclaimed property stemming from safe deposit boxes, this form lists all the items found within the box at the time it is drilled or opened due to non-payment or abandonment.
  • Indemnification Agreement: This agreement is used to protect one party from legal consequences resulting from the actions of another, particularly in transactions related to unclaimed property.
  • Escheatment Confirmation Report: After the UP-2 form is processed, this report confirms that the property has legally transferred to the state according to the escheatment laws.
  • Owner Claim Form: This form is used by the rightful owner to claim their property after it has been reported and transferred to the state as unclaimed property.

Each of these documents plays a specific role in the unclaimed property reporting process. They ensure that companies comply with legal requirements, protect the rights of the property owners, and streamline the recovery process for unclaimed assets. Proper understanding and management of these documents are essential for entities reporting unclaimed property to New Jersey State.

Similar forms

The Internal Revenue Service (IRS) W-9 form is quite similar to the New Jersey Up 2 form because it collects taxpayer identification numbers and certification. Both forms require personal information such as the individual's name and address, which is used to ensure accurate identification for financial transactions. The W-9 form, like the New Jersey Up 2, plays a crucial role in tax reporting and compliance, making sure that the correct information is on file for individuals involved in financial activities.

The Securities Transfer Association (STA) Transfer Request form shares similarities with the New Jersey Up 2 form, particularly in the information it collects regarding securities transactions. Both forms require details like the owner's name, address, and identification number, which are essential for processing the transfer or reporting of securities. They handle sensitive financial information, mandating accuracy and completeness to facilitate the proper transfer of ownership or the reporting of unclaimed property.

A Standard Form 1199A, used for direct deposit setup with the Federal Government, is also similar to the New Jersey up 2 form. It requires personal and banking information to ensure the correct routing of funds. Both forms serve to direct funds to the right place, whether for direct deposit or for reporting unclaimed property, necessitating precise and accurate information about the individual's financial institution and account details.

The Health Insurance Portability and Accountability Act (HIPAA) Authorization form, although primarily used within healthcare for the disclosure of an individual's health information, shares commonalities with the New Jersey Up 2 form in its requirement for personal identification details. Both forms demand specific personal information to protect the individual's privacy while ensuring that the data is processed for its intended purpose, whether for health disclosures or for unclaimed property claims.

The Uniform Residential Loan Application, a comprehensive form used in the mortgage industry, bears resemblance to the New Jersey Up 2 form by requiring detailed personal and financial information to assess eligibility for a loan. Like the New Jersey Up 2 form, it is designed to gather a wide array of information to facilitate a financial process, emphasizing the accuracy of an individual's financial and personal details for decision-making purposes.

The Employee’s Withholding Certificate (W-4 form) resembles the New Jersey Up 2 in its collection of personal information that influences financial transactions; specifically, how much tax is withheld from an employee's paycheck. Both forms play integral roles in ensuring the right amount of money is moved to the appropriate party, whether it be the withholding for taxes or the correct processing of unclaimed property.

Another document closely related to the New Jersey Up 2 form is the Change of Address Form (USPS Form 3575), utilized when someone moves to a new address and wants to ensure their mail is correctly forwarded. While primarily for mail forwarding, this form, like the New Jersey Up 2, collects detailed personal and location information to ensure that any communications, or in the case of the Up 2 form, any unclaimed property, is sent to the correct location.

Lastly, the College Enrollment form, used by universities for student enrollment, shares the feature of collecting personal and identification information with the New Jersey Up 2 form. Both documents are pivotal for recording an individual’s entry into a system, whether it be for academic purposes or for the rightful claiming of unclaimed property. Detailed personal information is crucial for maintaining accurate records and ensuring the individual’s needs are properly met.

Dos and Don'ts

When filling out the New Jersey UP-2 form, which is aimed at reporting unclaimed property, it is essential to follow specific guidelines to ensure the information is accurately conveyed. Here are some dos and don'ts to consider during the process:

Things you should do:
  • Double-check the owner's information: Make sure the owner's full name, address, and identification number (ID/SS#) are filled out correctly. Mistakes here can lead to misallocated property.
  • Accurately report the property details: For every item reported, ensure the property type code, cash reported, stock issue name, and amount (e.g., number of shares, account number) are correct. This includes filling in the C.U.S.I.P. number if applicable.
  • Confirm transaction and transfer dates: Accurately note the transaction date and the date of transfer to ensure the timeline of the unclaimed property is clear.
  • Review the form before submission: Going over the form to check for mistakes or omissions is crucial. This review includes checking that all required fields have been filled out.
Things you shouldn't do:
  • Leave sections incomplete: Avoid submitting the form with empty fields. Each section provides vital information necessary for the proper reporting and recovery of unclaimed property.
  • Guess information: If you are uncertain about specific details, it's better to verify the information rather than guessing. Incorrect information can delay or disrupt the recovery process.
  • Use unofficial forms: Ensure you are using the latest version of the UP-2 form from an official source. Using outdated or unofficial forms may lead to processing delays.
  • Ignore the number of owners: For property owned by more than one individual, it's important to correctly fill out the "Number of Owners" section to reflect joint ownership or multiple stakeholders accurately.

Misconceptions

The New Jersey UP-2 form, pivotal for reporting unclaimed property in the state, is often misunderstood. Unclaimed property includes funds or other assets considered lost or abandoned when an organization cannot reach the owner over a certain period. Misconceptions about the UP-2 form can lead to errors in reporting, potentially impacting individuals and businesses alike. Here, we aim to clarify some common misunderstandings.

  1. It's only for financial institutions: A common misconception is that the UP-2 form is exclusively for banks and financial institutions. In reality, any entity that holds or is in possession of property belonging to another may need to submit this form, depending on specific circumstances.

  2. Personal information isn't essential: Every section of the UP-2 form, especially those requiring detailed personal information, is crucial. Such data ensures that rightful owners can be identified and contacted.

  3. Stocks and securities are not covered: The UP-2 form clearly includes fields for reporting stocks, securities, and similar investments, indicating that these are indeed within the scope of unclaimed property reporting.

  4. Reporting is optional: This is incorrect. Entities in possession of unclaimed property are legally required to report it to the state, using forms like the UP-2, to ensure compliance with state law.

  5. One-time reporting suffices: Holders of unclaimed property must report annually. The UP-2 form's requirement for the "For Period Ended" field underscores the necessity for periodic, ongoing reporting.

  6. Only large unclaimed amounts need to be reported: All unclaimed properties, irrespective of their value, must be reported. The form does not set a minimum threshold for reporting, emphasizing that every asset counts.

  7. It's acceptable to estimate values: Accurate and precise information is necessary for each entry in the UP-2 form, especially regarding the value of the unclaimed property. Estimates can lead to incorrect reporting and complications during the reclaiming process.

  8. The form is for reporting state-held property: The UP-2 is designed for holders to report unclaimed property to the state, not to report property that is already held by the state. Confusion may arise regarding the direction of reporting, but clarity about the form's purpose helps avoid this mistake.

  9. There’s no need to report if the owner is unidentifiable: When owners are unidentifiable, the property must still be reported. Such cases necessitate diligent attempts at identification and, failing that, the property should still be included in the UP-2 report with all available information.

  10. Only New Jersey residents' property needs to be reported: If the last known address of the property owner is in New Jersey or if there is no known address but the holder is in New Jersey, the property must be reported to this state. This includes property belonging to owners who may not be New Jersey residents.

Understanding these aspects of the New Jersey UP-2 form is critical for accurate and compliant reporting. Misconceptions can potentially lead to mishandling of unclaimed property, resulting in unnecessary complications for individuals and businesses. Proper adherence to the guidelines ensures transparency and facilitates the rightful return of property to its owners.

Key takeaways

When dealing with the New Jersey UP-2 form, which serves the crucial function of reporting unclaimed property, it's imperative to understand its components and the best practices for its completion. Here are key takeaways to ensure the process is handled accurately and efficiently:

  • Accuracy is paramount: The UP-2 form requires detailed owner information, including last name, first name, middle name, prefix, suffix, street address, city, state, zip code, and county. Additionally, it necessitates the owner's ID/SS#, birth date, and the transaction date. This specificity demands rigorous attention to detail to avoid errors.
  • Comprehensive property details: The form mandates information on the type of property being reported. This includes, but is not limited to, cash reported, stock issue name, C.U.S.I.P. #, number of shares, account number, and check number. For securities, details on whether they are exchanged or unexchanged, certificate number, and a description are also required. Thoroughness in this section is crucial for accurate reporting.
  • Understanding property codes: The inclusion of the property type code is a critical component of the UP-2 form. Familiarizing oneself with these codes ensures that the property is categorized correctly, which is essential for the processing of unclaimed property.
  • Clarity on ownership: The form allows for the specification of the owner type, the number of owners, and the relationship code. Providing clear and precise information in these areas helps in correctly identifying the rightful owner or owners of the unclaimed property.
  • Importance of the dated date and date of transfer: The "dated date" and "date of transfer" fields provide authorities with essential information on when the property became dormant or unclaimed. Accurately capturing these dates is vital for compliance with state guidelines regarding unclaimed property.

Completion of the New Jersey UP-2 form is a responsibility that requires meticulous attention to detail and a deep understanding of the specifics involved in reporting unclaimed property. By adhering to these key takeaways, individuals and entities can ensure they meet their obligations accurately and effectively.

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