Unclaimed property in South Carolina 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.

Laws on SC unclaimed properties 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 where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in SC 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 South Carolina 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 unclaimed properties in the state of South Carolina

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

I recommend: The South Carolina Office of State Treasurer provides a FAQ for owners searching for unclaimed property. The South Carolina Code of Laws issued through the South Carolina Legislature includes the Uniform Unclaimed Property Act, which provides the complete laws regarding owners of unclaimed property in South Carolina.

Review the laws that are specific to holders of unclaimed properties in SC

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 Discover Network provides an overview of the regulations for holders of unclaimed property in South Carolina. The South Carolina Department of Revenue has a Technical Advice Memorandum for credit unions that hold unclaimed property for account holders.

Examine state of South Carolina 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: The South Carolina Administrative Law Court provides a decision regarding the rights of finders of abandoned property in South Carolina. The Charleston County Clerk of Court offers a summary of how finders are to handle abandoned property, such as vehicles.

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 SC unclaimed property. 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.

The amount and variety of unclaimed property in South Carolina and other states 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 unclaimed property in SC also mean that business owners have legal obligations if they come into possession of unclaimed property.

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

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

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

3. Find unclaimed properties in SC auctions.

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Know your obligations regarding SC unclaimed property

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

I recommend: Go to the State of South Carolina Unclaimed Property site to Report Unclaimed Property. The Business Owner's Toolkit also has information about your obligations regarding unclaimed property in South Carolina.

Search South Carolina unclaimed property to ensure that your business hasn't left some assets behind

It may be a long shot, but why not perform a South Carolina 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 SC unclaimed property or even some unclaimed land in Delaware that still belongs to your business.

I recommend: Search for unclaimed property at the State of South Carolina Unclaimed Property site. Or search the Unclaimed Property Program website - an excellent resource for locating unclaimed property in South Carolina, including unclaimed accounts held by other states and the Federal Government. Also try CashUnclaimed for unclaimed cash, although you'll have to pay for the information.

Find abandoned property in SC at auctions

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

I recommend: Sumter County holds periodic auctions to dispose of unclaimed South Carolina property. Government-Auctions-Guide.com features SC unclaimed properties, as well as foreclosures and seized property. PropertyRoom.com auctions unclaimed and seized property from police forces in South Carolina and elsewhere.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be wary if approached by someone who wants money in exchange for information on unclaimed properties in the state of South Carolina; you can get the same information on your own for free.

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

Businesses are required to report SC unclaimed property, 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 South Carolina unclaimed property include the following:

1. Blogs and forums on unclaimed property in SC. These sources provide first-hand accounts of people who have searched for unclaimed property.
2. Independent newspapers and magazines on unclaimed properties in SC. These sources are the most likely to provide unbiased news and opinions on unclaimed property.
3. Government websites for South Carolina unclaimed properties. 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 properties in the state of South Carolina

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

I recommend: The Clark Howard Show provides posts on consumer tips, including recent information on the seizure of unclaimed property in South Carolina. ActiveRain contains a blog from a Realtor in South Carolina with recent news on unclaimed property in South Carolina.

Study sources of unbiased news and trends for SC unclaimed properties

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

I recommend: SCNOW.com has a recent article on recovering unclaimed property in South Carolina. WSAV-TV provides recent unclaimed property figures for South Carolina.

Review official websites for unclaimed property in South Carolina to get government news and info

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

I recommend: The South Carolina Office of the State Treasurer provides news on the treasury, including unclaimed property. Sumter County has unclaimed property currently up for auction and provides the latest news on buying and recovering unclaimed property.

Unclaimed property within the state of South Carolina may encompass everything from abandoned real estate and cars, to bank accounts and stock certificates. It is incumbent upon an individual, business owner or organization to report the unclaimed property after a certain amount of time.

Take the time to learn about some of the terms associated with unclaimed property within the state of South Carolina so that you'll understand the process you must follow as a business owner. Here are a few of those terms along with some resourceful links to help get you started.

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South Carolina uniform unclaimed property act

The South Carolina Uniform Unclaimed Property Act is a law that dictates to companies the methods of compliance legally expected they follow when they are in possession of unclaimed property. The orders of compliance vary depending on the type of property being held. For instance, the compliance of an abandoned car is different from a bank account.

I recommend: Visit the website for the South Carolina Legislature for additional information on the South Carolina Uniform Unclaimed Property Act.

Dormancy table

The dormancy table, which is specific to the state of South Carolina, informs the business how long they must hold and keep track of unclaimed property before proceeding to turn over the property to the state or a secondary owner making a claim. Because of the multitude of types of unclaimed property, the information is in table form.

I recommend: Visit the website for the Office of the Treasurer for the state of South Carolina for further information about the dormancy table. Simply click on the link and a pdf file will open.

Holder

The holder refers to the person, business or organization that is in possession of the unclaimed property. The holder bears the responsibility of following the compliance laws in relation to unclaimed property within the state of South Carolina.

I recommend: Visit the website for the Discover Network for more information on the responsibilities of the holder within the state of South Carolina.

Palmetto payback program

The Palmetto Payback Program handles intangible assets such as money, bank accounts and stock certificates for the state of South Carolina. Tangible assets like real estate and cars are handled by a different program.

I recommend: Visit the website for Real Estate Zing for additional information on the Palmetto Payback Program.

Prior notice to owner

The prior notice to owner refers to a document that must be sent by the holder to the owner of the unclaimed property at the last known address before reporting the unclaimed property to the state of South Carolina.

I recommend: Visit the website of Toolkit.com for more information on the prior notice to owner and what it must entail.

Surrendering possession of property

Surrendering possession of property refers to the act of the holder turning over the unclaimed property to the state of South Carolina. It then becomes incumbent on the state to disperse the funds or auction off the items. This surrendering clause, found in the law books, also applies to lawyers who may be holding access to accounts of deceased or missing clients.

I recommend: Visit the website for Cornell University. They have the South Carolina law books available on their website and discuss the act of surrendering possession of property.