What is Unclaimed Property?
Each State has Unclaimed Property laws that require money, property and other assets to be considered abandoned after a period of inactivity usually ranging from one to five years. During this abandonment period, Phillips 66 must make a concerted effort to seek out, and return property to, the rightful owners. Issuance of due diligence letters is a part of this effort. Recipients of the letter are encouraged to review their files and take one of the following actions if they believe they are the rightful owners:
- If the money is due, claim the money by completing the form and returning it to Phillips 66.
Phillips 66 will then research all documents furnished to determine if you are the rightful owner.
- If the money is not due, return the form with a note that the item is not due. Please advise, if there has been a change in ownership and the party listed on the letter is no longer the record title owner.
We encourage owners to be careful with their identity. A sample due diligence letter is provided (Sample letter) for you review. If these efforts are unsuccessful, Phillips 66 is required by law to remit property to the state of last known address for the property owners, where the States search is continued. Contact information is included on the letter if you have questions about your specific property.