Law Talk: Submit your claim online to recover free money/property!

Ever wonder what happens to money and property that gets “lost in the shuffle” so to speak?

Examples: that old utility deposit or lease deposit you or your wife forgot to follow up on before you moved; or the last interest payment that was due in your old savings account that you closed; or maybe your mom or dad forgot about an old safety deposit box containing old jewelry or family heirlooms?

It’s actually VERY common.  Indeed, if you forgot about a deposit (or didn’t even know about it), how could you possibly even know to claim your refund, right?

Ever wonder what happens to that money or property?

This is referred to legally as “unclaimed property,” and by law the holder of the property (i.e. the bank, the landlord, the utility, etc.) must turn it over to the State along with information about the name and last known address of the owner.  They CANNOT keep the property; however, they are not required to track down the owner, either.  They can simply turn it over to the State and be done with it.

Literally MILLIONS of dollars in unclaimed funds are turned over to the State of Tennessee each year.  But here’s the good news — the State maintains a website where you can do a name search and then claim your property at no cost.  You can search for yourself, your parents, your kids, your friends, etc.  And then just submit a claim form with identifying information as needed and the State will turn the property over to you.

As noted above, it is QUITE common for people to forget about small deposits here and there.  I personally learned about an old utility deposit from back when I was in college and got my refund!  It wasn’t much, but every little bit helps!

Use the Comment section below and share any success stories you have finding old/lost property or funds.

[TIP: Be sure to also search in other states where you may have lived, transacted business, or maintained accounts. Just type in Google the words “unclaimed property” and the state you want to search.]

Click the “Like” and “Share” buttons below to let your friends know about this post.  And take advantage of our Law FAQ series by submitting questions or topics that you want to know more about.