Unclaimed Property in Minnesota Key Terms

Learn some of the key terms associated with unclaimed property in Minnesota

By Jason Wood

Unclaimed property in Minnesota covers everything from uncashed grant money from the state to homes that have been abandoned. After a certain period of time, the state takes possession of this unclaimed property and auctions it off or destroys it based upon the condition of the property.

Take the time to learn about some of the associated terms that go along with Minnesota unclaimed property law so that you'll understand the process on how to report or collect unclaimed items. Here are some key terms along with some resource links to help get you started.

Holders

The holder or holders refers to the party that is currently in possession of the unclaimed property. The holder bears the responsibility of trying to contact the owner within a specific period of time. If the owner is unreachable, then the property must be eventually turned over to the state of Minnesota.
Try: Visit the website for Real Estate Zing for additional information on the responsibility of the holder under Minnesota state law.

Inventory

After unclaimed property has been abandoned and turned over to the state, a judge may order the an "inventory" be taken prior to the sale of the item. This is the case when closed items need to be opened, or the condition of the item needs to be cataloged for sale.
Try: Visit the website for US Legal Law Digest for additional information on how the inventory process works within the state of Minnesota.

Delivery

Delivery refers to the act of the holder of the property delivering it to the appropriate state department. This must be done when unclaimed property paperwork is filed with the state.
Try: Check out the website for Toolkit.com for additional information on the delivery process and how it relates to Minnesota unclaimed property.

Holders report

The holders report refers to the actual report the person or institution in the possession of property must file with the state. The holders report then becomes part of the state record system.
Try: Visit the website for the Minnesota Department of Commerce for further information about filing a holders report.

Summary sale

A summary sale refers to the process of selling unclaimed property after a certain amount of time at public auction. Depending on the nature of the item, the time line for a summary sale differs.
Try: The Minnesota State Legislature website has additional information on how a summary sale operates within the state.