Michigan's Uniform Unclaimed Property Act protects unclaimed property and returns it to its rightful owners or their heirs. The State Treasurer takes custody of the property so the owner may claim it, even if the original holder (like a financial institution) is no longer in business.
The Michigan State Treasurer is the administrator of the Uniform Unclaimed Property Act and acts as custodian of the property on behalf of the owner.
The State never takes ownership of the property. The State only serves as a custodian for the owner or heir.
Unclaimed property is turned over to the State Treasurer, after the following have occurred:
After the dormancy period, your broker or the company in which your funds are invested are required to turn over your investment accounts to the State of Michigan where they will be liquidated upon receipt. The proceeds from the sale of your stock will be credited to an account in your name until you or your heirs submit a valid claim.
The State of Michigan holds auctions periodically in order to sell unclaimed property. Proceeds are held for the rightful owner or their heirs. Auction items typically include a variety of collectibles including jewelry, coins and stamps as well as other items.
Medals earned in military service or combat and legal documents found in safe deposit boxes such as insurance policies, wills, mortgage papers, etc. are not sold at auctions. Attempts are made to return these items to their rightful owners or heirs.
There is no time limit for making a claim to the State Treasurer. While the State Treasurer often is successful in reuniting people with their money, many owners are never located.
UPD (Unclaimed Property Division) encourages owners to contact UPD directly to search for funds before signing a contract with a finder. The UPD will refund only to owners or their heirs. UPD strongly discourages revealing information about an owner's account to a finder or third-party agent to protect the integrity of the account.
Typically, all claims are processed in the order received. Unclaimed Property's goal is to process claims in less than 90 days.
Unclaimed money come from many sources. Much of it – about 10% – is from insurance, e.g. someone had life insurance the heirs don‘t know about, or the policy changed after people moved, and the insurance company didn‘t find them. Most of the money is small amounts from old bank accounts.
Unclaimed Property is any financial asset that has been abandoned by the owner for one or more years. Some examples of property that can become abandoned are:
Treasuries of every state deal with unclaimed property passed on to them by the “property holder” organization. Information here can refer to both properties held by government and non-government organizations, so if the state procedure yields no results it is a good idea to contact the organization directly.
Please, check the ‘Property Holder’ column. Have you ever dealt with the organization listed there? Have you lived in that state?
If you have reason to believe that you are the rightful owner of the property listed here you have to find out if you can claim the property under question, and if it’s worth the effort.
All states maintain free-to-access registries of unclaimed properties.
Michigan Department of Treasury
Unclaimed Property Division
P.O. Box 30756
Lansing, MI 48909
Phone: (517) 636-5320
Fax: (517) 322-5986