Home » Guides » Finance » Finance » Unclaimed Property in Colorado

Unclaimed Property in Colorado

Locate CO unclaimed property to use in your business

By Emmet McMahan
A court may classify unclaimed property in Colorado 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.

There are specific forms and procedures to follow when claiming unclaimed property in CO. Generally, the state serves as the custodian for abandoned property in Colorado 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 unclaimed property in the state of Colorado:

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 CO unclaimed properties

Beware of sites that charge you a fee to help you find contact information for the Colorado unclaimed property division. This information should be available from your state government at no charge.
Try: Conduct a national search at MissingMoney.com by first and last name or by state. The Unclaimed Property Division keeps databases of unclaimed money in Colorado.

Participate an auction for unclaimed assets in Colorado

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Try: Policeauctions.com has auctions on a range of seized property and offers free sign-up. PropertyRoom.com auctions property seized by law enforcement agencies across the country.

Search for Colorado unclaimed properties in your city

Some communities in Colorado 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 Denver holds abandoned vehicles at the Vehicle Impound Facility and stages a vehicle auction every other week. The Property/Evidence Unit for the Durango Police Department is the custodian for all found property within the city limits. The city conducts an auction each summer for all unclaimed property.

 

  • The process of turning over unclaimed property in Colorado 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 Colorado 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.

Copyright © 2011 Business.com, Inc. All Rights Reserved.