Unclaimed property is any financial asset for which an owner has not generated activity for an extended period of time. This may include savings, checking, certificate of deposit accounts; payroll (wages, bonuses, commissions); stocks and bonds (un-cashed dividends, interest checks, underlying shares principle); insurance proceeds; credit balances; customer deposits; travelers checks; money orders and other intangible interests or benefits. All states have unclaimed property laws, however, the dormancy periods vary from state to state.
The Minnesota Department of Commerce holds securities in a trust account. The shares are liquidated after the thirteenth month of being held in our trust account. The exception is shares generated by demutualization, which are liquidated immediately upon receipt.
Below is a table containing common property types and their associated abandonment period in Minnesota. Once these periods have lapsed, the holder is required to turn this property over to the state.
|Proceeds of dissolved corporations (including employee benefits)||0.5 (6 months)|
|Intangible property held by courts or governmental or public authorities||3|
|Tangible property help by courts, governmental or public authorities not covered under another statute||3|
|Unclaimed checks issued from a general disbursement account||3|
|Credit memos and accounts receivable credit balances and refunds||3|
|Other intangible property not specifically covered by another existing statute||3|
|Savings and checking accounts (all types)||3|
|Stocks and proceeds||3|
|Tangible property in safekeeping depositories||5|
|Life insurance policies||see ORS 98.314|
The State of Minnesota protects unclaimed property and returns it to its rightful owners or their heirs. Once received by the office, the Commissioner guarantees that the claimants who properly prove rightful ownership will receive their property back, even if the original financial institution or business closes. Investment accounts will be turned over to the State of Minnesota and will be liquidated after one year. The proceeds from the sale of stock will be credited to an account in your name until a valid claim is submitted. Unclaimed property always belongs to its rightful owner(s). The State acts only as a custodian of your property. There is no time limit or charge for claiming what is yours.
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.
Minnesota Department of Commerce
Unclaimed Property Unit
85 7th Place East, Suite 600
St. Paul, MN 55101
from 8:00 am to 4:30 pm Monday through Friday
Toll–free: 1 (800) 925-5668