Making the Most of Unclaimed Property in West Virginia

Locate unclaimed property in WV to use in your business
By Emmet McMahan Making the most of unclaimed property in West Virginia will require you to determine the holder of the unclaimed property. West Virginia 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.

West Virginia govermment unclaimed property 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 unclaimed property. WV 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. West Virginia 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. West Virginia 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 West Virginia unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try:  The West Virginia Treasury provides a search of unclaimed property by last name or company name. West Virginia Unclaimed Property List provides information on searching for unclaimed property in West Virginia and also has a current list of unclaimed funds.

Learn more about the laws regarding West Virginia unclaimed property

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 West Virginia Code addresses unclaimed property in Article 8 of Chapter 36. CashUnclaimed.com provides specific information on the Unclaimed Property Act of West Virginia and also provides an unclaimed property search capability.

Buy a vehicle in a WV unclaimed property auction

Look at the various auctions that occur regularly throughout West Virginia 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 Auction House provides a list of upcoming auctions in West Virginia. Auctionzip.com allows you to search for vehicle auctions in West Virginia by zip code.

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