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Unclaimed Property in Minnesota

Locate MN unclaimed property to use in your business

By Emmet McMahan
A court may classify unclaimed property in Minnesota 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. However, a property owner usually has a superior claim to property that a trespasser discovers.

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

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 state of MN unclaimed property

Beware of sites that charge you a fee to help you find contact information for the Minnesota unclaimed property division. This information should be available from your state government at no charge.
Try: Sign up to use the National Unclaimed Property Database for free. It offers a search of both federal and state agencies. The Minnesota Department of Commerce keeps a database of unclaimed property that is searchable by first and last name.

Participate in an auction for unclaimed property in MN

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Try: SeizedLuxuryHomes.com allows you to search for seized homes by zip code. You may bid on these homes at local or online auctions. Bid4assets.com offers auctions on a variety of property that has been seized or forfeited to the U.S. Marshal’s Service.

Conduct a Minnesota unclaimed property search in your community

Some communities in Minnesota 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 Property and Evidence Warehouse for Minneapolis holds abandoned and unclaimed bicycles for at least 60 days and sells unclaimed bikes at auction periodically. The property room for the Blaine Police Department manages lost and found property and is available by appointment only.

 

  • The process of turning over unclaimed property in Minnesota 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 Minnesota that the owner deliberately hides or conceals may be a treasure trove instead of abandoned property. Minnesota 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.

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