Making the most of unclaimed property in Florida will require you to determine the holder of the property. Cities and counties may serve as custodians of unclaimed property until certain criteria are met. At that time, custodianship of the property is then turned over to the state. This allows claimants to search for their property in a central location.

Unclaimed property in Florida can be an inexpensive way to obtain business equipment as companies frequently lose property through misfortune or carelessness. The appropriate agency will require specific forms and procedures in order to approve your claim on the property. Unclaimed property generally falls into one of the following categories:

1. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.
2. Florida abandoned property that the original owner is unlikely to claim. This is commonly a wrecked vehicle or real estate with delinquent taxes, but may also include a treasure trove. Property owners usually have a superior claim to a treasure trove than a trespasser who discovers the property.
3. Florida state unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.
   

Action Steps
The best contacts and resources to help you get it done

Find agencies that handle state of Florida unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.

I recommend: The Florida Department of Financial Services keeps a database of all unclaimed property that is being held by the state. Floridalink.com offers some helpful information in retrieving lost property.

Learn more about the laws regarding Florida unclaimed properties

Each state has laws regarding the disposition of unclaimed property. These laws should specify the conditions that allow the state to assume custodianship of the property and any conditions that allow the property to revert to the state.

I recommend: The Florida Legislature addresses unclaimed property in Chapter 717 of the Florida statute. Sonnenschien Nath & Rosenthal has specific expertise in unclaimed property law in Florida.

Buy a vehicle in a FL unclaimed property auction

Look at the various auctions that occur regularly throughout Florida if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.

I recommend: The Fisher Auction Co. lists upcoming auctions for a variety of items, especially homes and vehicles. The Tampa Machinery Auction specializes in vehicles and conducts auctions each month.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Florida to the state is called escheatment and legal documents may therefore refer to the property as escheat. Businesses usually encounter escheat in the form of an unclaimed pay check and are generally required to make a good faith effort to find the owner.

A court may classify unclaimed property in Florida as abandoned, lost or mislaid. These classifications have their origins in common law and can be difficult to interpret under modern legal systems. Legal documents may refer to the common law doctrine that ensures property is not left ownerless as escheat. Florida property owners usually have a superior claim to escheat than a trespasser who discovers the property.

There are specific forms and procedures to follow when claiming Florida abandoned property. Generally, the state serves as the custodian for abandoned property in Florida until the appropriate agencies approve the finder’s claim on the abandoned property. Florida companies frequently lose property through misfortune or carelessness. Unclaimed property can be an inexpensive way to obtain business equipment.

There are general types of Florida state unclaimed property:

1. Liquid assets such as a dormant bank account, safe deposit contents, unclaimed deposits or refunds, uncashed checks and unused insurance benefits;

2. Abandoned property the original owner is unlikely to return to claim. Certain property such as wrecked cars, ships or aircraft may belong to the state;

3. Property confiscated by law enforcement or repossessed by a loan company. These items are frequently auctioned off to the public.

Action Steps
The best contacts and resources to help you get it done

Find agencies that handle state of Florida unclaimed property

Beware of sites that charge you a fee to help you find contact information for the Florida unclaimed property division. This information should be available from your state government at no charge.

I recommend: Conduct a national search at MissingMoney.com by first and last name, and state. The Florida Department of Financial Services keeps a database of unclaimed property that is searchable by name, business name or city. It also has advanced search options that accepts additional criteria.

Participate in an Florida unclaimed property auction

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.

I recommend: Bid4assets.com offers auctions on a variety of property that has been seized or forfeited to the U.S. Marshal’s Service. Carsfrom500.com allows you to search for government auctions in your area. You can specify zip code and a search radius.

Search for Florida unclaimed properties in your city

Some cities in Florida have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.

I recommend: The Property and Evidence Unit for the Plantation Police Department is responsible for storing unclaimed property. The Property Section of the Miami Police Department manages all types of property, including evidence and lost property.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Unclaimed property in Florida that the owner deliberately hides or conceals may be a treasure trove instead of mislaid property. The property must remain concealed long enough for the owner to be dead or undiscoverable. A treasure trove may belong to the finder or the property owner.

Unclaimed property in Florida laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

Florida state unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:

1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of Florida unclaimed properties is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
3. Florida abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.
   

Action Steps
The best contacts and resources to help you get it done

Study the laws that relate to owners of Florida unclaimed property

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The Florida Department of Financial Services is in charge of locating unclaimed property for an individual.

I recommend: The St. Lucie County Sheriff's Office provides the procedure for owners to reclaim their found property. MegaLaw.com provides information about the laws in Florida for beneficiaries who wish to make a claim for unclaimed property that is part of an estate.

Review the laws that are specific to holders of state of Florida unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.

I recommend: The Florida Department of Financial Services provides extensive information on the reporting regulations for holders of unclaimed property in Florida. The Florida Senate publishes the regulations regarding an unclaimed property holder's reporting obligations.

Examine state of FL unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.

I recommend: The Florida Office of Program Policy Analysis and Government Accountability provides information on the regulations regarding unclaimed property finders in Florida. The Winter Park Police Department has regulations on a finder's rights to unclaimed property.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The Uniform Unclaimed Property Act is a key piece of federal legislation that affects Florida unclaimed property. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.