Making the most of unclaimed property in Michigan 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 MI 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 Michigan 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. MI unclaimed properties that are 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 Michigan 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 Department of Treasury for the state of Michigan has a database of unclaimed property that you can search for by name. The Finance Department for the city of Dearborn maintains a current list of unclaimed property.

Learn more about the laws regarding Michigan 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 Michigan Legislature provides the text for Michigan's Uniform Unclaimed Property Act. Miller & Associates offers an opinion on the Uniform Unclaimed Property Act of Michigan.

Buy a vehicle in an MI unclaimed property auction

Look at the various auctions that occur regularly throughout Michigan 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 Troy Police Department auctions unclaimed property in its Property Section once each year. The Police Department for the City of Holland holds auctions of unclaimed vehicles twice each year.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed properties in Michigan 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 Michigan 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. However, a property owner usually has a superior claim to property that a trespasser discovers.

There are specific forms and procedures to follow when claiming unclaimed property in the state of Michigan. Generally, the state serves as the custodian for abandoned property in Michigan until the appropriate agencies review and approve the finder’s claim. Companies frequently lose property through misfortune or carelessness.

There are general types of unclaimed property in MI:

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 MI unclaimed properties

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

I recommend: UnclaimedMoney.us.com allows you to search for unclaimed property by name and allows you to select city and state. The Department of Treasury in Michigan keeps a database of unclaimed property that is searchable by name.

Participate in an auction of unclaimed properties in MI

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

I recommend: Policeauctions.com publishes auctions on a range of seized property and offers free sign-up. JustStolen.net provides a service that allows police departments to auction unclaimed evidence.

Search for Michigan unclaimed properties in your city

Some cities in Michigan 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 city of Dearborn has an unclaimed cash listing and instructions for filing claims. The property room of the police department for Birmingham is responsible for keeping unclaimed property.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Michigan 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 Michigan 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 Michigan laws and regulations are based partially on the common law of property. This generally means that unclaimed property is property which has left the rightful owner’s possession without directly entering another owner’s possession.

The disposition of unclaimed property in the state of Michigan depends on the specific circumstances under which it is found. There are three types of unclaimed property:

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 MI 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 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 in Michigan belongs to the finder.
   

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

Learn about the laws regarding the owners of Michigan unclaimed property

Laws on unclaimed property are frequently used to determine the circumstances under which property must be returned to the owner. Unclaimed property laws and regulations are a resource for owners who wish to locate their MI unclaimed properties. Contact the Michigan Department of Treasury to locate your own property.

I recommend: The City of Dearborn provides the procedures for an owner to locate unclaimed property being held by the city. The Calhoun County Courts offers information on the laws that specify the state's obligation to located unclaimed property owners.

Examine laws on holders of unclaimed properties in the state of Michigan

Unclaimed property laws describe the requirements for holders of unclaimed property to return the property to the rightful owner. They can determine when ownership of the unclaimed property passes to the holder.

I recommend: The Michigan Legislature provides the laws for holders of unclaimed property in Michigan. The Michigan Office of the Attorney General provides an opinion on the laws regarding holders of unclaimed property in Michigan.

Review laws on unclaimed property in Michigan for finders

Unclaimed property laws for finders address procedures for how finders charge owners for locating, delivering, recovering or assisting in the recovery of their unclaimed property. Unclaimed property laws for finders may also cover the rights of the state to recover compensation for unclaimed property.

I recommend: The State of Michigan Department of Treasury provides rules for finders of unclaimed property in Michigan. Justia has the laws that address the 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 Michigan unclaimed properties. 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.