Unclaimed Property in Alabama

Locate AL unclaimed property to use in your business
By Emmet McMahan A court may classify unclaimed property in the state of Alabama 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.

There are specific forms and procedures to follow when claiming unclaimed property in AL. Generally, the state serves as the custodian for abandoned property in Alabama 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 Alabama 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.

Find agencies that handle unclaimed properties in the state of Alabama

Beware of sites that charge you a fee to help you find contact information for the Alabama unclaimed property division. This information should be available from your state government at no charge.
Try:  Conduct a national search at MissingMoney.com by first and last name, and by state. The Alabama State Treasury keeps a database of unclaimed property that is searchable by name, business name and city.

Participate in an auction for unclaimed properties in AL

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Try:  SeizedLuxuryHomes.com allows you to search for seized homes by zip code. You may bid on these homes at local or online auctions. JustStolen.net provides a service that allows police departments to auction unclaimed evidence.

Search for AL unclaimed properties in your city

Most cities in Alabama have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.
Try:  Huntsville runs an online auction for surplus and other types of property. The Decatur Police Department conducts at least two auctions each year on various property including abandoned vehicles.

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