Unclaimed Property in Kentucky
Report, claim, and buy unclaimed property in Kentucky
The amount and variety of unclaimed property in Kentucky is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding Kentucky escheat (the process of the state taking possession of unclaimed property) also mean that business owners have legal obligations if they come into possession of unclaimed property.The list of unclaimed property in KY includes, but is not limited to, credit balances, refunds, dividends, commissions, stocks, checking/savings accounts, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, insurance payments, gift certificates, customer deposits, death benefits, vendor checks, over-payments and certificates of deposit.
1. Know the laws regarding Kentucky unclaimed property and how they affect you as a business owner.
2. Search abandoned property in Kentucky to see if you have forgotten some assets.
3. Find a Kentucky unclaimed property auction.
Know your obligations regarding KY unclaimed property
As a business owner, you're typically required to report and remit unclaimed property in Kentucky. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are regarding Kentucky unclaimed funds.
Try: Go to the Kentucky State Treasury website for requirements regarding reporting property. The Business Owner's Toolkit also has information about your obligations regarding unclaimed property in Kentucky.
Search state of Kentucky unclaimed property to ensure that your business hasn't left assets behind
It may be a long shot, but why not perform a Kentucky unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some KY unclaimed property or even some unclaimed land in Kentucky that still belongs to your business.
Try: Search for abandoned property in Kentucky at the Kentucky State Treasury Unclaimed Property page. Or search for Kentucky abandoned property along with many other states at MissingMoney.com.
Buy unclaimed property in KY at auctions
State and local governments, as well as police agencies, sometimes dispose of unclaimed properties in Kentucky through auctions. If you like auctions, it can be a good way to save your business some money.
Try: PropertyRoom.com auctions unclaimed and seized property from police forces in Kentucky (including Lexington) and elsewhere. JustAuctions features unclaimed properties in KY and other states along with foreclosures and seized property.
- Be wary if approached by someone who wants money in exchange for information regarding Kentucky state unclaimed property; you can get the same Kentucky escheatment information on your own for free.
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