Unclaimed Property in Minnesota Laws and Regulations

Use MN unclaimed property laws and regulations to return and locate unclaimed property
By Emmet McMahan Unclaimed property in Minnesota 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.

Minnesota state unclaimed property laws 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 in a location where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in MN 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 Minnesota 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.
   

Study the laws that relate to owners of Minnesota unclaimed property

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 Minnesota Department of the Treasury is in charge of locating unclaimed property for an individual.
Try:  Section 2.70 of the City of Buffalo City Code addresses the requirements for returning unclaimed property to the owner. CashUnclaimed.com allows a search for unclaimed property in Minnesota by first and last name.

Review the laws that are specific to holders of state of Minnesota unclaimed property

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.
Try:  The Minnesota Department of Commerce provides the obligations of unclaimed property holders in Minnesota. Section 2.32 of the City Code for the City of East Grand Forks covers the rights of holders for Minnesota abandoned properties, such as vehicles.

Examine state of MN 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.
Try:  Chapter 345 of the Minnesota Statutes published by the Minnesota Office of the Revisor of Statutes addresses the recovery of unclaimed property by other parties. Chapter 208 of the Administrative Code of the City of Detroit Lakes contains provisions for a finder of unclaimed property to file a claim of ownership.

• The Uniform Unclaimed Property Act is a key piece of federal legislation that affects unclaimed property for Minnesota. 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.