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Unclaimed Property in Alabama Basics

Locate AL unclaimed property for your business

By Emmet McMahan
Unclaimed property in Alabama basics hold that unclaimed property may be any financial asset that is abandoned for a specific period of time. Unclaimed property laws require businesses, financial institutions and government entities to report any personal property they have been holding for a certain period of time, known as the abandonment period.

The state administers unclaimed property in the state of Alabama when the owner cannot be located and the appropriate abandonment period has expired. The state uses several methods to locate the owner, including newspaper advertisements and mailing notices to the owner's last known address. There are three general types of sources that provide additional information on unclaimed property in Alabama:
  1. The state government. These sources provide official information on unclaimed property in AL and also include the state’s official property database.
  2. Third parties. Commercial sites that sell unclaimed property services or independent sources may offer basic facts on unclaimed property in Alabama.
  3. Local governments. Specific cities and counties normally hold unclaimed properties in AL before turning it over to the state. Each local government will have its own specific procedures for allowing owners to recover unclaimed property.

 

Find state agencies that deal with abandoned property in Alabama

The state of Alabama administrates unclaimed property that it receives from businesses and government entities throughout the state. Alabama also has specific laws that regulate unclaimed property.
Try: The Alabama State Treasurer administrates unclaimed property in Alabama and provides an online search capability for unclaimed property. Helplinelaw.com provides Title 35, Chapter 12 of the Alabama Code, which contains the unclaimed property laws in Alabama.

Learn about unclaimed properties in the state of Alabama from private sources

There are many businesses that provide searches of Alabama abandoned property. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Alabama.
Try: Jamison, Money, Farmer & Company provides basic procedures for recovering unclaimed property for its clients in Alabama. The Birmingham News reports on the treatment of gift cards as unclaimed property in Alabama.

Look for state of AL unclaimed properties in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Try: Baldwin County provides basic information on its procedures for releasing unclaimed property to the state of Alabama. The Jefferson County Treasurer's Office includes descriptions of unclaimed property in its annual Treasurer's Report.

 

  • The process of turning over Alabama unclaimed property to the state is also called escheatment and this property may therefore be referred to as escheat. Alabama businesses frequently handle escheat in the form of an unclaimed pay check which requires the company to file an unclaimed property report. The company also must make a good faith effort to find the owner.

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