Making the most of unclaimed property in Kentucky 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 Kentucky 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. Kentucky unclaimed funds such as uncashed checks, a bank account or the contents of a safe deposit box.
2. Kentucky 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. Kentucky state unclaimed property 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 Kentucky 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 Kentucky State Treasury is responsible for holding unclaimed property until its owner can be located. CashUnclaimed.com has specific information regarding unclaimed property in Kentucky.

Learn more about the laws regarding unclaimed property in Kentucky

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 Kentucky Legislature addresses the issue of unclaimed property in Chapter 393 of the Kentucky Revised Statutes. Greenebaum Doll & McDonald publishes a variety of articles that discuss the legal aspects of unclaimed property.

Buy a vehicle in a KY unclaimed property auction

Look at the various auctions that occur regularly throughout Kentucky 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 City of Louisville conducts auctions of abandoned vehicles twice each month. The City of Knoxville auctions unclaimed vehicles in the vehicle impoundment lot on a regular basis.

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

The amount and variety of unclaimed property in Kentucky is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding Kentucky escheat (the process of the state taking possession of unclaimed property) also mean that business owners have legal obligations if they come into possession of unclaimed property.

The list of unclaimed property in KY includes, but is not limited to, credit balances, refunds, dividends, commissions, stocks, checking/savings accounts, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, insurance payments, gift certificates, customer deposits, death benefits, vendor checks, over-payments and certificates of deposit.

1. Know the laws regarding Kentucky unclaimed property and how they affect you as a business owner.

2. Search abandoned property in Kentucky to see if you have forgotten some assets.

3. Find a Kentucky unclaimed property auction.

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Know your obligations regarding KY unclaimed property

As a business owner, you're typically required to report and remit unclaimed property in Kentucky. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are regarding Kentucky unclaimed funds.

I recommend: Go to the Kentucky State Treasury website for requirements regarding reporting property. The Business Owner's Toolkit also has information about your obligations regarding unclaimed property in Kentucky.

Search state of Kentucky unclaimed property to ensure that your business hasn't left assets behind

It may be a long shot, but why not perform a Kentucky unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some KY unclaimed property or even some unclaimed land in Kentucky that still belongs to your business.

I recommend: Search for abandoned property in Kentucky at the Kentucky State Treasury Unclaimed Property page. Or search for Kentucky abandoned property along with many other states at MissingMoney.com.

Buy unclaimed property in KY at auctions

State and local governments, as well as police agencies, sometimes dispose of unclaimed properties in Kentucky through auctions. If you like auctions, it can be a good way to save your business some money.

I recommend: PropertyRoom.com auctions unclaimed and seized property from police forces in Kentucky (including Lexington) and elsewhere. JustAuctions features unclaimed properties in KY and other states along with foreclosures and seized property.

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• •  Be wary if approached by someone who wants money in exchange for information regarding Kentucky state unclaimed property; you can get the same Kentucky escheatment information on your own for free.

Unclaimed property in Kentucky 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 Kentucky state unclaimed property 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 KY unclaimed property 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 belongs to the finder.
   

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Learn about the laws regarding the owners of Kentucky escheat

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 Kentucky Department of the Treasury to conduct a Kentucky unclaimed property search.

I recommend: BankersOnline.com answers a specific question on returning certified checks to the owner in Kentucky. Earl May Seed & Nursery provides their policy for owners who wish to use unclaimed property, such as expired gift cards, in accordance with recent unclaimed property laws in Kentucky.

Examine laws on holders of Kentucky unclaimed property

The Kentucky Attorney General provides an opinion involving lists of unclaimed property holders in Kentucky. They can determine when ownership of the unclaimed property passes to the holder.

I recommend: The Kentucky Office of the Attorney General covers the holding rules for unclaimed property in Kentucky. Exeter 1031 Exchange has an IRS ruling for banks holding unclaimed property in the form of dormant bank accounts in Kentucky.

Review state of Kentucky unclaimed property 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 Commonwealth of Kentucky Department of Corrections provides the obligations for finders of abandoned property in Kentucky prisons. Title 20 of the Kentucky Administrative Rules provided by the Kentucky Legislative Research Commission discusses the claims of heir finders 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 unclaimed property in KY. 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 Kentucky basics include the fact that a financial asset that has been abandoned for a certain amount of time may be considered unclaimed property. Businesses, such as financial institutions, may hold unclaimed property for a specified period of time before turning it over to the state of Kentucky. The period of time that a business may retain this property is known as the abandonment period.

The state must attempt to locate the owners of Kentucky state unclaimed property. These methods are specified by law and typically include mailing letters to the last known address of the owner and taking out advertisements in local newspapers. There are generally three types of information sources on unclaimed property in Kentucky:

1. Government websites. These sources of Kentucky unclaimed funds have official information on recovering unclaimed property in Kentucky.
2. Commercial websites. These sources may be commercial sites that sell unclaimed property services and also provide a summary of Kentucky unclaimed property.
3. Websites of local governments. Counties in Kentucky may attempt to locate the owners of unclaimed property on their own before handing it over to the state.
   

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Find state agencies that deal with unclaimed property in KY

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

I recommend: The Kentucky State Treasury offers basic information on unclaimed property in Kentucky. Chapter 393 of the Kentucky Revised Statutes published by the Kentucky Legislature provides for the disposition of unclaimed property in Kentucky.

Learn about Kentucky unclaimed properties from private sources

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

I recommend: Business First provides a summary of upcoming legislation in Kentucky that relates to unclaimed property. The BBB Consumer Education Blog has a post on unclaimed funds scams in Kentucky.

Look for state of Kentucky unclaimed property 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: The Office of the Commonwealth's Attorney assists crime victims in obtaining unclaimed restitution from the Jefferson Circuit Court. The Bullitt County Clerks Office is responsible for granting titles for unclaimed vehicles in that county.

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Helpful advice for making the most of this Guide

• •  A treasure trove is a specific type of unclaimed property in Kentucky in which currency is intentionally hidden by the owner. In order to be a treasure trove, the property must have been hidden sufficiently long ago that the owner is assumed to be dead or cannot be located. American common law generally holds that a treasure trove belongs to the finder.