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Unclaimed Property in Indiana Basics

Locate unclaimed property in the state of Indiana for your business

By Emmet McMahan
Unclaimed property in Indiana 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 IN unclaimed property 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 Indiana:
  1. The state government. These sources provide official information on unclaimed property in IN 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 Indiana.
  3. Local governments. Specific cities and counties normally hold unclaimed property 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 Indiana

The state of Indiana administrates unclaimed property that it receives from businesses and government entities throughout the state. Indiana also has specific laws that regulate unclaimed property.
Try: The Office of the Indiana Attorney General provides a search of unclaimed property in Indiana and also answers basic questions on unclaimed property. The Indiana Code published by the Indiana General Assembly covers unclaimed property of Indiana in Article 34.

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

There are many businesses that provide searches of unclaimed property in Indiana. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Indiana.
Try: Ice Miller provides specific information on the laws regarding Indiana unclaimed property. Association Management Group provides a summary for the procedures needed to recover unclaimed property in Indiana.

Look for state of IN 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: The City of West Lafayette provides the specific city ordinance that regulates the custody of unclaimed property in the city. The City of Indianapolis provides its procedures for towing and auctioning abandoned vehicles.

 

  • The process of turning over unclaimed properties in IN to the state is also called escheatment and this property may therefore be referred to as escheat. Indiana 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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