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Making the Most of Unclaimed Property in Alabama

Locate unclaimed property in the state of Alabama to use in your business

By Emmet McMahan
Making the most of unclaimed property in Alabama 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 AL 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. Abandoned property in Alabama 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. Unclaimed properties in AL that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

 

Find agencies that handle state of Alabama unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try: The Alabama State Treasurer allows you to search for the owners of unclaimed property by name or city. The State of Alabama Banking Department discusses the procedures for turning various types of unclaimed property over to the state.

Learn more about the laws regarding Alabama unclaimed properties

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: Jamison, Money, Farmer & Company have specific instructions on the way businesses in Alabama should handle unclaimed property. HelplineLaw.com provides Title 35 Chapter 12 of the Alabama statute which addresses unclaimed property in Alabama.

Buy a vehicle in an AL unclaimed property auction

Look at the various auctions that occur regularly throughout Alabama 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: Jason Steward Enterprises is located in Mobile and provides instructions for putting an abandoned vehicle up for auction. Volunteers of America in Huntsville will pick up abandoned vehicles and put them up for auction.

 

  • The process of turning over AL unclaimed properties 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.

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