Property is generally considered abandoned or unclaimed if the existence and location of the owner is unknown for an extended period of time—often three years. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
In Alabama, property is deemed abandoned or unclaimed if the owner cannot be located for a specified period, typically three years. This includes assets such as bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and the contents of safe deposit boxes. Businesses holding these assets are required to report and turn them over to the Alabama State Treasurer's Unclaimed Property Division after the dormancy period has passed. The Unclaimed Property Division then holds the property and makes efforts to locate the rightful owners. Individuals who believe they have unclaimed property held by the state can search the Alabama State Treasurer's official database and file a claim to recover their property. The process involves providing proof of ownership and completing the necessary claim forms. There is no statute of limitations for claiming unclaimed property in Alabama, meaning individuals can claim their property at any time.