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Unclaimed Property in Florida Laws and Regulations

Use unclaimed property of Florida laws and regulations to return and locate unclaimed property

By Emmet McMahan
Unclaimed property in Florida laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

Florida state unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:
  1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of Florida unclaimed properties is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
  2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
  3. Florida abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.

 

Study the laws that relate to owners of Florida unclaimed property

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The Florida Department of Financial Services is in charge of locating unclaimed property for an individual.
Try: The St. Lucie County Sheriff's Office provides the procedure for owners to reclaim their found property. MegaLaw.com provides information about the laws in Florida for beneficiaries who wish to make a claim for unclaimed property that is part of an estate.

Review the laws that are specific to holders of state of Florida unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.
Try: The Florida Department of Financial Services provides extensive information on the reporting regulations for holders of unclaimed property in Florida. The Florida Senate publishes the regulations regarding an unclaimed property holder's reporting obligations.

Examine state of FL unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.
Try: The Florida Office of Program Policy Analysis and Government Accountability provides information on the regulations regarding unclaimed property finders in Florida. The Winter Park Police Department has regulations on a finder's rights to unclaimed property.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects Florida unclaimed property. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

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