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Unclaimed Property in South Carolina Laws and Regulations

Locate and return unclaimed property in the state of South Carolina

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

Laws on SC unclaimed properties that are relevant to a particular case depend heavily 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 where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in SC 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 of South Carolina 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 true owner intends to reclaim it. Abandoned property belongs to the finder.

 

Study the laws that relate to owners of unclaimed properties in the state of South Carolina

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 South Carolina Department of the Treasury is in charge of locating unclaimed property for an individual.
Try: The South Carolina Office of State Treasurer provides a FAQ for owners searching for unclaimed property. The South Carolina Code of Laws issued through the South Carolina Legislature includes the Uniform Unclaimed Property Act, which provides the complete laws regarding owners of unclaimed property in South Carolina.

Review the laws that are specific to holders of unclaimed properties in SC

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 Discover Network provides an overview of the regulations for holders of unclaimed property in South Carolina. The South Carolina Department of Revenue has a Technical Advice Memorandum for credit unions that hold unclaimed property for account holders.

Examine state of South Carolina 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 South Carolina Administrative Law Court provides a decision regarding the rights of finders of abandoned property in South Carolina. The Charleston County Clerk of Court offers a summary of how finders are to handle abandoned property, such as vehicles.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects SC unclaimed property. 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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