Whether it's stocks, bonds, lost accounts, land or even gift cards, the state of Tennessee unclaimed property department has accumulated millions of dollars worth of goods. Banks and others who have property that is abandoned need to be mindful of the laws and regulations regarding the safekeeping of that property and proper notification to regulatory bodies.

Unclaimed property in Tennessee laws and regulations are much like those of other states, but there are some federal regulatory agencies that have a say as well. Every step of the recovery process is detailed by law - from how long property must go unclaimed for it to be considered abandoned to the time limit for claiming property. Consider the following:

1. Like those of most states, the unclaimed property division of the Tennessee State Treasurer's Office is charged with handling Tennessee escheatment.

2. A business must maintain records on unclaimed property in TN for 10 years.

3. Business owners must not only report unclaimed property but also turn the property over to the Tennessee unclaimed property division within 120 days of making that report.

Action Steps
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Find applicable TN unclaimed property rules

As a business owner, you want to know your obligations to the abandoned property process and the different rules and laws that apply. Why not go straight to the source? Start with looking up the Tennessee statutes concerning unclaimed property.

I recommend: Read the rules on a business owner's responsibility on reporting abandoned property through the Toolkit Media Group. Review instructions and find forms as set out by law through the Tennessee Treasurer's Office. You can also download the PDF of "Uniform Disposition of Unclaimed Property Act Reporting Forms & Instructions" for more information.

See how federal regulations apply to abandoned property in Tennessee

Pensions and HUD property are among the abandoned property that can wind up in federal jurisdiction. Federal rules detail the general procedure and also the steps taken when the rightful owner is known or unknown.

I recommend: The Internal Revenue Service details all the pertinent statutes regarding abandoned property, including the naming of the regulatory authorities, and tracking and storing the abandoned property. Check out the Electronic Code of Federal Regulations on public contracts and property management. You'll find unclaimed property rules listed under that category.

Research federal court cases that impacted Tennessee state unclaimed property laws

Court cases involving abandoned property helped in the forming of federal regulatory agencies on the topic and helped states form their own rules. By studying the court cases that started it all, you'll be able to understand the rules and regulations regarding abandoned property.

I recommend: Review these court cases - Christianson v. King County and Anderson National Bank v. Luckett - that set a precedent in the development of federal and state laws regarding unclaimed property.

A court may classify unclaimed property in Tennessee 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 Tennessee abandoned property. Generally, the state serves as the custodian for abandoned property in Tennessee 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 Tennessee state 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 Tennessee unclaimed property

Beware of sites that charge you a fee to help you find contact information for the Tennessee 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 Treasury Department keeps a searchable database of unclaimed property in Tennessee.

Participate in a state of TN unclaimed property auction

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

I recommend: PropertyRoom.com auctions property seized by law enforcement agencies across the country. Policeauctions.com has auctions on a range of seized property and offers free sign-up.

Search for Tennessee unclaimed property in your community

Some communities in Tennessee 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 city of Knoxville holds unclaimed vehicles at the Vehicle Impoundment Lot and conducts regular auctions. A current list of vehicles is available online. The evidence room for the Franklin Police Department is responsible for the storage and disposal of evidence, found property and surrendered items.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Tennessee 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 Tennessee 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.

Advice and ratings on unclaimed property in Tennessee primarily consist of information on the best places to look for unclaimed property and the procedures to follow when making a claim. The Tennessee government has a single department that assumes custodianship of unclaimed property for the state. County and municipal governments also may have their own unclaimed property, which may need to be turned over to the state after a period of time specified by law.

There are many commercial websites that will search for unclaimed property for Tennessee on behalf of the owner. Prospective customers of these companies should use these services with caution, as they frequently offer services that the government of Tennessee provides for free. There are three general sources for obtaining advice on Colorado unclaimed property:

1. Blogs on Tennessee abandoned property. A credible blog or forum may have posts from experts, government officials or people with first-hand experience in recovering unclaimed property.
2. News articles on abandoned property in Tennessee. Reporters and other journalists can provide unbiased advice on claiming property.
3. Government sites for unclaimed property. These sites are the best source of official advice on obtaining unclaimed property.
   

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Get advice on unclaimed property in TN from blogs

Blogs with advice on unclaimed property in Tennessee contain posts from people who have actually recovered unclaimed property. Experts also may provide general advice on the required procedures for filing a claim for property in Tennessee. Government officials sometimes keep blogs about recent changes in unclaimed property law in Tennessee.

I recommend: Frankly Speaking is a blog with comments that addresses unclaimed property in Tennessee. Unclaimed Money Search provides a post with advice on recovering unclaimed property in Tennessee.

Study news articles that give advice on state of Tennessee unclaimed property

News articles provide an objective and credible source of advice on unclaimed property in Tennessee. These articles typically offer recent facts and figures for unclaimed property in Tennessee. They also have instructions for filing a claim and important points of contact.

I recommend: ABC24-WPTY provides an article with advice for claimants of unclaimed property in Tennessee. WBIR-TV has a recent article and viewer comments that provide advice on recovering unclaimed property in Tennessee.

Look at official sources of advice on Tennessee unclaimed property

Government sources provide the most current information on unclaimed property in Tennessee. They offer advice on the proper forms and procedures to use when making a claim for unclaimed property. Government sources also may have recent updates on the laws regarding unclaimed property in Tennessee.

I recommend: The Tennessee Treasury Department provides official advice about recovering unclaimed property in Tennessee. The Division of Unclaimed Property for the Metropolitan Government of Nashville & Davidson County has instructions and official advice for the owners of unclaimed property in Tennessee.

Unclaimed property in Tennessee includes everything from abandoned bank accounts, stock certificates and safety deposit boxes to real estate, vehicles and jewelery. Tennessee's treasury department is charged with recovering and returning unclaimed items to the rightful owners or heirs.

Take the time to learn some of the terms that are commonly found when dealing with unclaimed property in Tennessee. That way, you'll know what your business must do to stay within compliance. Here are those terms along with some resourceful links to get you started.

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Claims process

The claims process refers to the procedure that the state of Tennessee follows in the verification of unclaimed property. Once a notarized claim is filed, the supporting documentation must be verified before the unclaimed property may be returned. The Tennessee Department of the Treasury is in charge of completing the claims process.

I recommend: Visit the website for the Treasury Department in the state of Tennessee for additional information on the claims process and the procedures it follows.

Vehicle and equipment auctions

Vehicle and equipment auctions refer to auctions that are held when unclaimed or abandoned tangible property are recovered by the state of Tennessee or surrounding cities and county governments. Because tangible property may in fact lose value and is cumbersome to store, auctions are held to liquidate these items every so often. The proceeds then go to the local, county or state government.

I recommend: Go to the official website for the City of Knoxville for more information on the vehicle and equipment auctions which are held periodically within the state of Tennessee.

Unclaimed property report

The unclaimed property report refers to a document that must be filed by an individual, business or organization that has possession of unclaimed property. Depending on the nature of the property, different time lines must be followed for the unclaimed property report. Check with the state treasurer's office to ensure compliance.

I recommend: Check out the website for the University of Tennessee for more information on the unclaimed property report that must be filed after a certain amount of time under Tennessee law.

Holder

The holder, in accordance with Tennessee unclaimed property law, refers to the individual, business or organization that is in possession of the unclaimed or abandoned property. The holder must report that unclaimed property to the state within a certain amount of time depending on the nature or type of the property.

I recommend: Visit the website for Toolkit.com for further information on the "holder" and associated responsibilities for the business or organization in possession of the unclaimed property.

Compliance Disclosure Agreement Program

The Compliance Disclosure Agreement Program is a program being operated by the state government of Tennessee that is encouraging businesses that are out of compliance to turn over unclaimed property. By applying to the program, penalties and associated fees may be waived.

I recommend: Go to state.tn.us for more information on the Compliance Disclosure Agreement Program.

Proof of identification

The proof of identification refers to the government issued documents a claimant must present the city or state when trying to reclaim unclaimed property. Examples of these documents are driver's licenses, passports, and birth certificates. Furthermore, depending on the nature of the property, the claimant may need to provide substantiation that they are the rightful owner of the property. (For instance a proof of purchase.)

I recommend: Go to the official website for Nashville, Tennessee for more information on what qualifies as proper identification to reclaim any unclaimed property.