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Making the Most of Unclaimed Property in Indiana

Locate unclaimed property in IN to use in your business

By Emmet McMahan
Making the most of unclaimed property in Indiana 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 the state of Indiana 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 Indiana 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 IN that are confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

 

Find agencies that handle state of Indiana unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try: The Unclaimed Property Division for the Attorney General of Indiana maintains a database of unclaimed property that you can search by name. The Indy Land Bank lists abandoned properties in Marion county that are for sale.

Learn more about the laws regarding Indiana 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: The Indiana Legislative Services Agency maintains the Unclaimed Property Act for Indiana. The Free Library contains a detailed summary of the Unclaimed Property Act and also provides a variety of legal resources.

Buy a vehicle in an IN unclaimed property auction

Look at the various auctions that occur regularly throughout Indiana 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: Indiana Public Auto Auctions provides information on auto auctions in Indiana and also provides other related links. The Department of Public Works for Indianapolis conducts regular public auctions of abandoned vehicles.

 

  • The process of turning over IN 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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