Making the most of unclaimed property in Alabama 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 AL 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 Alabama 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 AL that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.
   

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Find agencies that handle state of Alabama 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 Alabama State Treasurer allows you to search for the owners of unclaimed property by name or city. The State of Alabama Banking Department discusses the procedures for turning various types of unclaimed property over to the state.

Learn more about the laws regarding Alabama 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: Jamison, Money, Farmer & Company have specific instructions on the way businesses in Alabama should handle unclaimed property. HelplineLaw.com provides Title 35 Chapter 12 of the Alabama statute which addresses unclaimed property in Alabama.

Buy a vehicle in an AL unclaimed property auction

Look at the various auctions that occur regularly throughout Alabama 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: Jason Steward Enterprises is located in Mobile and provides instructions for putting an abandoned vehicle up for auction. Volunteers of America in Huntsville will pick up abandoned vehicles and put them up for auction.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over AL 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 the state of Alabama 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 unclaimed property in AL. Generally, the state serves as the custodian for abandoned property in Alabama 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 Alabama 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.

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Find agencies that handle unclaimed properties in the state of Alabama

Beware of sites that charge you a fee to help you find contact information for the Alabama 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 by state. The Alabama State Treasury keeps a database of unclaimed property that is searchable by name, business name and city.

Participate in an auction for unclaimed properties in AL

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

I recommend: SeizedLuxuryHomes.com allows you to search for seized homes by zip code. You may bid on these homes at local or online auctions. JustStolen.net provides a service that allows police departments to auction unclaimed evidence.

Search for AL unclaimed properties in your city

Most cities in Alabama 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: Huntsville runs an online auction for surplus and other types of property. The Decatur Police Department conducts at least two auctions each year on various property including abandoned vehicles.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Alabama 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 Alabama 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 Alabama 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 Alabama 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 AL 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 Alabama 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
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Learn about the laws regarding the owners of Alabama 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 unclaimed property. Contact the Alabama Department of the Treasury to locate your own property.

I recommend: The Alabama Policy Institute provides information on the Unclaimed Property Enhancement Act, which makes it easier for owners to locate their unclaimed property. The Alabama State Bar answers questions on returning unclaimed funds back to the client.

Examine laws on holders of AL unclaimed properties

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 Alabama State Treasurer provides the reporting requirements for businesses that are holding unclaimed funds in Alabama. The Alabama Legislative Information System Online has the portion of the Alabama Code that addresses holders of unclaimed property.

Review unclaimed properties in AL law 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 Alabama Code provided by the Alabama State Legislature has the Alabama statutes that regulate a finder's ownership of unclaimed property. Wallace, Jordan, Ratliff & Brandt provides an opinion on a court case involving the finder's right to unclaimed property in Alabama.

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 Alabama 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.

Unclaimed property in Alabama basics hold that unclaimed property may be any financial asset that is abandoned for a specific period of time. Unclaimed property laws require businesses, financial institutions and government entities to report any personal property they have been holding for a certain period of time, known as the abandonment period.

The state administers unclaimed property in the state of Alabama when the owner cannot be located and the appropriate abandonment period has expired. The state uses several methods to locate the owner, including newspaper advertisements and mailing notices to the owner's last known address. There are three general types of sources that provide additional information on unclaimed property in Alabama:

1. The state government. These sources provide official information on unclaimed property in AL and also include the state’s official property database.
2. Third parties. Commercial sites that sell unclaimed property services or independent sources may offer basic facts on unclaimed property in Alabama.
3. Local governments. Specific cities and counties normally hold unclaimed properties in AL before turning it over to the state. Each local government will have its own specific procedures for allowing owners to recover unclaimed property.
   

Action Steps
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Find state agencies that deal with abandoned property in Alabama

The state of Alabama administrates unclaimed property that it receives from businesses and government entities throughout the state. Alabama also has specific laws that regulate unclaimed property.

I recommend: The Alabama State Treasurer administrates unclaimed property in Alabama and provides an online search capability for unclaimed property. Helplinelaw.com provides Title 35, Chapter 12 of the Alabama Code, which contains the unclaimed property laws in Alabama.

Learn about unclaimed properties in the state of Alabama from private sources

There are many businesses that provide searches of Alabama abandoned property. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Alabama.

I recommend: Jamison, Money, Farmer & Company provides basic procedures for recovering unclaimed property for its clients in Alabama. The Birmingham News reports on the treatment of gift cards as unclaimed property in Alabama.

Look for state of AL unclaimed properties in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.

I recommend: Baldwin County provides basic information on its procedures for releasing unclaimed property to the state of Alabama. The Jefferson County Treasurer's Office includes descriptions of unclaimed property in its annual Treasurer's Report.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over Alabama unclaimed property to the state is also called escheatment and this property may therefore be referred to as escheat. Alabama businesses frequently handle escheat in the form of an unclaimed pay check which requires the company to file an unclaimed property report. The company also must make a good faith effort to find the owner.