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

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.