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

Minnesota state unclaimed property laws that are relevant to a particular case depend heavily 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 MN 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 of Minnesota 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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Study the laws that relate to owners of Minnesota unclaimed property

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

I recommend: Section 2.70 of the City of Buffalo City Code addresses the requirements for returning unclaimed property to the owner. CashUnclaimed.com allows a search for unclaimed property in Minnesota by first and last name.

Review the laws that are specific to holders of state of Minnesota 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 Minnesota Department of Commerce provides the obligations of unclaimed property holders in Minnesota. Section 2.32 of the City Code for the City of East Grand Forks covers the rights of holders for Minnesota abandoned properties, such as vehicles.

Examine state of MN 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: Chapter 345 of the Minnesota Statutes published by the Minnesota Office of the Revisor of Statutes addresses the recovery of unclaimed property by other parties. Chapter 208 of the Administrative Code of the City of Detroit Lakes contains provisions for a finder of unclaimed property to file a claim of ownership.

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• •  The Uniform Unclaimed Property Act is a key piece of federal legislation that affects unclaimed property for Minnesota. 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.

A court may classify unclaimed property in Minnesota 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 Minnesota abandoned properties. Generally, the state serves as the custodian for abandoned property in Minnesota 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 state of Minnesota 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 state of MN unclaimed property

Beware of sites that charge you a fee to help you find contact information for the Minnesota 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 Minnesota Department of Commerce keeps a database of unclaimed property that is searchable by first and last name.

Participate in an auction for unclaimed property in MN

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. Bid4assets.com offers auctions on a variety of property that has been seized or forfeited to the U.S. Marshal’s Service.

Conduct a Minnesota unclaimed property search in your community

Some communities in Minnesota 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 Property and Evidence Warehouse for Minneapolis holds abandoned and unclaimed bicycles for at least 60 days and sells unclaimed bikes at auction periodically. The property room for the Blaine Police Department manages lost and found property and is available by appointment only.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Minnesota 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 Minnesota that the owner deliberately hides or conceals may be a treasure trove instead of abandoned property. Minnesota 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.

Anyone who wishes to stay current on unclaimed property in Minnesota news and trends should identify the key websites that track unclaimed property in Minnesota and check them periodically for updates. These sites feature current property databases, which can be searched by personal or business name among other criteria. Minnesota also conducts periodic auctions of unclaimed property that may be announced in major news outlets.

Businesses are required to report abandoned property in Minnesota, such as abandoned safety deposit boxes or dormant bank accounts, after a specified period of inactivity. Therefore, it is especially important for business owners to be aware of the current reporting regulations. Sources of news information on Minnesota unclaimed property include the following:

1. Blogs and forums on state of Minnesota unclaimed property. These sources provide first-hand accounts of people who have searched for unclaimed property.
2. Independent newspapers and magazines on Minnesota abandoned properties. These sources are the most likely to provide unbiased news and opinions on unclaimed property.
3. Government websites. These sites are the best sources of official news and trends, such as current laws on unclaimed property.
   

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Read informal sources to get inside news on unclaimed property for Minnesota

Blogs and forums contain news on Minnesota unclaimed property that may not be found anywhere else. This information may include opinions and comments on the unclaimed property system in Minnesota. Blogs and forums also have accounts of personal experiences with obtaining unclaimed property.

I recommend: Terri's Consumer Blog has a recent post that is specifically about recovering unclaimed property in Minnesota. Bleepingcomputer.com is a forum that contains a recent post on unclaimed property in the United States, with links to search for unclaimed property in Minnesota.

Study sources of unbiased news and trends for unclaimed property in MN

Journalists frequently report news on Minnesota unclaimed property in online newspapers and magazines. News coverage may include articles on how to claim money in Minnesota or about owners that recovered large sums of money. News stories also cover interviews of people who have recovered unclaimed property in Minnesota.

I recommend: The Star Tribune has a recent article regarding lawsuits over unclaimed property in Minnesota. WCCO-TV has a report on police auctions of unclaimed property in Minnesota.

Review official state of MN unclaimed property websites to get government news and information

Government websites are the best sources of official news on unclaimed property in Minnesota. These sites provide information like current property databases and recent changes in the laws regarding unclaimed property in Minnesota. County and city websites also may have their own unclaimed property listings and procedures for claiming unclaimed property.

I recommend: The Minnesota Department of Commerce maintains the official list of unclaimed property and the current procedures for filing a claim. The City of Minneapolis has news on unclaimed property in that city, including current procedures for claiming bicycles and upcoming bicycle auctions.

Unclaimed property in Minnesota covers everything from uncashed grant money from the state to homes that have been abandoned. After a certain period of time, the state takes possession of this unclaimed property and auctions it off or destroys it based upon the condition of the property.

Take the time to learn about some of the associated terms that go along with Minnesota unclaimed property law so that you'll understand the process on how to report or collect unclaimed items. Here are some key terms along with some resource links to help get you started.

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Holders

The holder or holders refers to the party that is currently in possession of the unclaimed property. The holder bears the responsibility of trying to contact the owner within a specific period of time. If the owner is unreachable, then the property must be eventually turned over to the state of Minnesota.

I recommend: Visit the website for Real Estate Zing for additional information on the responsibility of the holder under Minnesota state law.

Inventory

After unclaimed property has been abandoned and turned over to the state, a judge may order the an 'inventory' be taken prior to the sale of the item. This is the case when closed items need to be opened, or the condition of the item needs to be cataloged for sale.

I recommend: Visit the website for US Legal Law Digest for additional information on how the inventory process works within the state of Minnesota.

Delivery

Delivery refers to the act of the holder of the property delivering it to the appropriate state department. This must be done when unclaimed property paperwork is filed with the state.

I recommend: Check out the website for Toolkit.com for additional information on the delivery process and how it relates to Minnesota unclaimed property.

Holders report

The holders report refers to the actual report the person or institution in the possession of property must file with the state. The holders report then becomes part of the state record system.

I recommend: Visit the website for the Minnesota Department of Commerce for further information about filing a holders report.

Summary sale

A summary sale refers to the process of selling unclaimed property after a certain amount of time at public auction. Depending on the nature of the item, the time line for a summary sale differs.

I recommend: The Minnesota State Legislature website has additional information on how a summary sale operates within the state.