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Unclaimed Property in Indiana Laws and Regulations

Use laws for unclaimed property in the state of Indiana to return and locate unclaimed property

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

Unclaimed properties in the state of Indiana laws that are relevant to a particular case depend 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 unclaimed property in IN 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. Abandoned property in Indiana 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 owner intends to reclaim it. Abandoned property belongs to the finder.

 

Study the laws that relate to owners of IN unclaimed properties

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 Indiana Department of the Treasury is in charge of locating unclaimed property for an individual.
Try: The City of West Lafayette has specific laws regarding its obligation to return unclaimed property to the owner. Indiana Towing and Wrecker Association outlines the steps that owners must take to recover their vehicles under Indiana property law.

Review the laws that are specific to holders of state of Indiana 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 Association Management Group summarizes the requirements of a holder of unclaimed property in Indiana. The Indiana Bankers Association discusses the laws on compliance obligations for unclaimed property holders.

Examine state of IN 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 Office of the Indiana Attorney General Unclaimed Property Division provides the regulations for finders of unclaimed property in Indiana. The Office of Code Revision Indiana Legislative Services Agency specifies the rights and obligations of unclaimed property finders.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects unclaimed properties in IN. 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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