Making the most of unclaimed property in Indiana 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 the state of Indiana 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. Abandoned property in Indiana 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. Unclaimed properties in IN that are confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

Action Steps
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Find agencies that handle state of Indiana 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 Unclaimed Property Division for the Attorney General of Indiana maintains a database of unclaimed property that you can search by name. The Indy Land Bank lists abandoned properties in Marion county that are for sale.

Learn more about the laws regarding Indiana 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 Indiana Legislative Services Agency maintains the Unclaimed Property Act for Indiana. The Free Library contains a detailed summary of the Unclaimed Property Act and also provides a variety of legal resources.

Buy a vehicle in an IN unclaimed property auction

Look at the various auctions that occur regularly throughout Indiana 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: Indiana Public Auto Auctions provides information on auto auctions in Indiana and also provides other related links. The Department of Public Works for Indianapolis conducts regular public auctions of abandoned vehicles.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over IN unclaimed properties 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 Indiana as abandoned, lost or mislaid. These classifications have their origins in common law and can therefore be difficult to interpret under modern legal systems. Property that the original owner fails to claim after a specified number of years generally belongs to the finder.

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

There are general types of unclaimed property in the state of Indiana:

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 unclaimed property in IN

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

I recommend: Sign up to use the National Unclaimed Property Database for free. It offers a search of both federal and state agencies. The Indiana Attorney General's Office keeps a database of unclaimed property that is searchable by name and business.

Participate in an auction for unclaimed properties in the state of Indiana

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

I recommend: JustStolen.net provides a service that allows police departments to auction unclaimed evidence. Carsfrom500.com allows you to search for government auctions in your area. You can specify zip code and a search radius.

Search for unclaimed properties in IN in your city

Some communities in Indiana 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 Indianapolis Department of Public Works holds abandoned vehicles for 15 days before putting them up for auction. The Indy Land Bank acquires abandoned properties in Marion County and makes them available to developers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Indiana to the state is called escheatment. In business, this is most commonly an unclaimed pay check and each company must file an unclaimed property report. The company must also make a good faith effort to find the owner.

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

Unclaimed properties in the state of Indiana laws that are relevant to a particular case depend 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 unclaimed property in IN 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. Abandoned property in Indiana 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 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 IN unclaimed properties

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 Indiana Department of the Treasury is in charge of locating unclaimed property for an individual.

I recommend: The City of West Lafayette has specific laws regarding its obligation to return unclaimed property to the owner. Indiana Towing and Wrecker Association outlines the steps that owners must take to recover their vehicles under Indiana property law.

Review the laws that are specific to holders of state of Indiana 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 Association Management Group summarizes the requirements of a holder of unclaimed property in Indiana. The Indiana Bankers Association discusses the laws on compliance obligations for unclaimed property holders.

Examine state of IN 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 Office of the Indiana Attorney General Unclaimed Property Division provides the regulations for finders of unclaimed property in Indiana. The Office of Code Revision Indiana Legislative Services Agency specifies the rights and obligations of unclaimed property finders.

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 unclaimed properties in IN. 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.