Unclaimed Property in Tennessee

Locate TN unclaimed property to use in your business
By Emmet McMahan 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.

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.
Try:  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.
Try:  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.
Try:  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.

• 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.