Indiana Unclaimed Property Guide – How Much Money Does This State Have in Unclaimed Assets?
In 1967, the unclaimed property law was passed in Indiana. Any money or property that goes unclaimed for a certain amount of time is turned over the Attorney General’s office, where it will be held until the rightful owner claims it. Banks, insurance companies, and other businesses must report unclaimed funds after failing to find the owner(s). The Attorney General’s office will hold the property for 25 years, after which time it will go into the state’s school fund if never claimed.
To date, has paid out more than $225 million. A large bulk of this has been paid out in the last decade. Indiana still has $383.5 million in unclaimed funds needing to be paid out. Out of this, $119.9 million belongs to residents and businesses in the central part of the state, and $75.3 million goes to residents and companies in other states. The rest of it belongs to other areas throughout the state.
There are nearly two million unclaimed assets and properties in Indiana. Nearly half of these are securities, with the rest being unclaimed wages, uncashed traveler’s checks, abandoned bank accounts, and so forth. More than 25% of individuals and businesses in the state are owed money. If you want to find out whether or not you are owed any, you can search the online database.
People lose track of money and assets for a variety of reasons. One of the main reasons is change of residence or business location. Sometimes people forget to update their addresses. Sometimes people or business receive checks and never get around to cashing them. A clerical error in the accounting department sometimes causes money to become lost as well.
When conducting a search to find out if you’re owed anything, make sure you understand the differences between unclaimed property and lost tangible items. The latter includes real estate, vehicles, stolen items, jewelry, and so forth. Tangible items are usually NOT considered “unclaimed property”, so you probably won’t find any information about them during a search. The only physical items that you might find are ones found in abandoned safe deposit boxes.
The state also tries to reach out to owners to inform them of their property. The Attorney General’s office publishes the names of individuals and businesses who own unclaimed property in newspapers throughout the state. New properties must be published by November 30 of the following year after they are first reported. If your search results indicate that you do indeed own some unclaimed property, you will have to fill out information, print the claim out, and mail it in with certain documentation, such as a copy of your driver’s license. You’ll be advised to allow up to 90 days for your claim to be processed.