Unclaimed Property in South Carolina Key Terms

Learn some terms associated with unclaimed property within the state of South Carolina

By Jason Wood

Unclaimed property within the state of South Carolina may encompass everything from abandoned real estate and cars, to bank accounts and stock certificates. It is required that an individual, business owner or organization report the unclaimed property after a certain amount of time.

Take the time to learn about some of the terms associated with unclaimed property within the state of South Carolina so that you'll understand the process you must follow as a business owner. Here are a few of those terms along with some resourceful links to help get you started.

South Carolina uniform unclaimed property act

The South Carolina Uniform Unclaimed Property Act is a law that dictates to companies the methods of compliance they are legally expected follow when they are in possession of unclaimed property. The orders of compliance vary depending on the type of property being held. For instance, the compliance of an abandoned car is different from a bank account.
Try: Visit the website for the South Carolina Legislature for additional information on the South Carolina Uniform Unclaimed Property Act.

Dormancy table

The dormancy table, which is specific to the state of South Carolina, informs the business how long they must hold and keep track of unclaimed property before proceeding to turn over the property to the state or a secondary owner making a claim. Because of the multitude of types of unclaimed property, the information is in table form.
Try: Visit the website for the Office of the Treasurer for the state of South Carolina for further information about the dormancy table. Simply click on the link and a pdf file will open.

Holder

The holder refers to the person, business or organization that is in possession of the unclaimed property. The holder bears the responsibility of following the compliance laws in relation to unclaimed property within the state of South Carolina.
Try: Visit the website for the Discover Network for more information on the responsibilities of the holder within the state of South Carolina.

Palmetto payback program

The Palmetto Payback Program handles intangible assets such as money, bank accounts and stock certificates for the state of South Carolina. Tangible assets like real estate and cars are handled by a different program.
Try: Visit the website for Real Estate Zing for additional information on the Palmetto Payback Program.

Prior notice to owner

The prior notice to owner refers to a document that must be sent by the holder to the owner of the unclaimed property at the last known address before reporting the unclaimed property to the state of South Carolina.
Try: Visit the website of Toolkit.com for more information on the prior notice to owner and what it must entail.

Surrendering possession of property

Surrendering possession of property refers to the act of the holder turning over the unclaimed property to the state of South Carolina. It then becomes necessary for the state to disperse the funds or auction off the items. This surrendering clause, found in the law books, also applies to lawyers who may be holding access to accounts of deceased or missing clients.
Try: Visit the website for Cornell University. They have the South Carolina law books available on their website and discuss the act of surrendering possession of property.