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abandoned or unclaimed property

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 Kentucky, property is deemed abandoned or unclaimed if the owner cannot be located for a specified period, typically three years. This includes various types of property such as bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and the contents of safe deposit boxes. Businesses holding such property are required to report and turn it over to the Kentucky State Treasury if they are unable to contact the owner after this dormancy period. The Kentucky Unclaimed Property Act outlines the process for reporting and transferring unclaimed property to the state. Once the property is in the state's possession, it is the responsibility of the rightful owner to claim it from the state. The Kentucky State Treasury provides a searchable database for individuals to find and reclaim their unclaimed property. It is important for individuals to periodically check for unclaimed property that may belong to them and follow the state's procedures to recover it.

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Government

abandoned or unclaimed property

Individual & Family Legal Plan

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Kentucky State Code

Kentucky State Code

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Government

abandoned or unclaimed property