Making the Most of Unclaimed Property in Kentucky

Locate unclaimed property in KY to use in your business
By Emmet McMahan Making the most of unclaimed property in Kentucky 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.

Unclaimed property in Kentucky 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. Kentucky unclaimed funds such as uncashed checks, a bank account or the contents of a safe deposit box.
2. Kentucky abandoned 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. Kentucky 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 Kentucky unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try:  The Kentucky State Treasury is responsible for holding unclaimed property until its owner can be located. CashUnclaimed.com has specific information regarding unclaimed property in Kentucky.

Learn more about the laws regarding unclaimed property in Kentucky

Each state has laws regarding the disposition of unclaimed property. These laws 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 Kentucky Legislature addresses the issue of unclaimed property in Chapter 393 of the Kentucky Revised Statutes. Greenebaum Doll & McDonald publishes a variety of articles that discuss the legal aspects of unclaimed property.

Buy a vehicle in a KY unclaimed property auction

Look at the various auctions that occur regularly throughout Kentucky 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 City of Louisville conducts auctions of abandoned vehicles twice each month. The City of Knoxville auctions unclaimed vehicles in the vehicle impoundment lot on a regular basis.

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