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Unclaimed Property FAQs

Frequently Asked Questions

Q: What is unclaimed property?
A: All Intangible property unclaimed by its owner for a specific period of time, called the dormancy period. Unclaimed property may include dormant savings and checking accounts, unclaimed wages, dividends, credit balances and any type of outstanding checks.
Tangible property may include contents of safe deposit boxes or items left in safekeeping.


Q: Who is a holder?
A: All business entities with two or more individuals doing business in Kentucky.


Q: Why does Kentucky have an unclaimed property law?
A: To protect the property rights of the owner and to reunite the owner with the property; to relieve the holders of the expense and liability of carrying the property; and to provide a centralized search location for citizens.


Q: Is there a minimum amount?
A: Businesses must report all unclaimed property, no matter how small, except for wages less than $50. The Kentucky State Treasurer safeguards the property forever.


Q: How can Kentucky citizens find their lost property?
A: Call a business that may be holding it or search on to initiate a claim with the Kentucky State Treasury.


Q: Does Kentucky have a forgiveness program for companies who should have reported unclaimed property but didn't?
A: The Kentucky State Treasury’s Unclaimed Property division has a voluntary Disclosure Agreement.  We will accept a report from a holder as long as they have not been notified of an audit.  The holder must also report all unclaimed property that they have. The goal is to promote voluntary compliance with the law; holders who voluntarily come forward and report unclaimed property and remit past sums will not be assessed a penalty.


Q: What does the state require for notification to the owner?
A: The holder must send written notice to the owner at the owner's last known address if the property is valued at $100 or more.


Q: What happens if a holder does NOT report unclaimed property?
A: A holder who fails to report, pay, or deliver property within the time prescribed by law will be subject to all penalties under KRS 393. Holders who do not file may be subject to audit.


Q: What attempts are made by the holder and the state to find the rightful owner?
A: The first attempt to locate the owner is made by the holder. A notice is mailed to the owner's last known address.  Periodically, the Unclaimed Property Division will advertise to Kentuckians to initiate a claim to receive their unclaimed property.  Once in the custody of the Treasury, it remains in custody of the Treasury forever unless claimed by the rightful owner.


Q: What do financial institutions (banks, credit unions, savings & loans, etc.) do with interest bearing accounts?
A: Interest bearing accounts should be placed in accounts listed in the owner's (depositor's) name, assignable to the Commonwealth of Kentucky, Kentucky State Treasury, and must earn the same rate of interest as the contract rate for the predecessor account with no fees assessed against the accounts.