Making the Most of Unclaimed Property in Georgia

Locate unclaimed property in GA to use in your business
By Emmet McMahan Making the most of unclaimed property in Georgia will require you to determine the holder of the property. Cities and counties may serve as custodians of unclaimed property until certain criteria are met. At that time, custodianship of the property is then turned over to the state. This allows claimants to search for their property in a central location.

Abandoned property in Georgia can be an inexpensive way to obtain business equipment as companies frequently lose property through misfortune or carelessness. The appropriate agency will require specific forms and procedures in order to approve your claim on the property. Unclaimed property generally falls into one of the following categories:

1. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.

2. Georgia unclaimed property that the original owner is unlikely to claim. This is commonly a wrecked vehicle or real estate with delinquent taxes but may also include a treasure trove. Property owners usually have a superior claim to a treasure trove than a trespasser who discovers the property.

3. Georgia state unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

Find agencies that handle state of Georgia unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try:  The Georgia Department of Revenue allows you to search for unclaimed property by name and city. Douglas County maintains a list of people to whom it owes unclaimed funds as a result of tax sale overages.

Learn more about the laws regarding unclaimed property in Georgia

Each state has laws regarding the disposition of abandoned property. Georgia should specify the conditions that allow the state to assume custodianship of the property and any conditions that allow the property to revert to the state.
Try:  The Georgia Retail Association discusses the disposition of unclaimed property as it pertains to retail businesses. The Georgia Attorney General has published an official opinion on the Georgia Unclaimed Property Act.

Buy a vehicle in a GA unclaimed property auction

Look at the various auctions that occur regularly throughout Georgia if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.
Try:  The Department of Administrative Services maintains a list of vehicles and other unclaimed property that is available for auction. The Augusta Procurement Department administers the sale of impounded vehicles and unclaimed property through public auctions.

• The process of turning over unclaimed property in Georgia to the state is called escheatment and legal documents may therefore refer to the property as escheat. Businesses usually encounter escheat in the form of an unclaimed pay check and are generally required to make a good faith effort to find the owner.