Unclaimed Property in Tennessee Key Terms

Learn some of the terms associated with unclaimed property within the state of Tennessee

By Jason Wood

Unclaimed property in Tennessee includes everything from abandoned bank accounts, stock certificates and safety deposit boxes to real estate, vehicles and jewelery. Tennessee's treasury department is charged with recovering and returning unclaimed items to the rightful owners or heirs.

Take the time to learn some of the terms that are commonly found when dealing with unclaimed property in Tennessee. That way, you'll know what your business must do to stay within compliance. Here are those terms along with some resourceful links to get you started.

Claims process

The claims process refers to the procedure that the state of Tennessee follows in the verification of unclaimed property. Once a notarized claim is filed, the supporting documentation must be verified before the unclaimed property may be returned. The Tennessee Department of the Treasury is in charge of completing the claims process.
Try: Visit the website for the Treasury Department in the state of Tennessee for additional information on the claims process and the procedures it follows.

Vehicle and equipment auctions

Vehicle and equipment auctions refer to auctions that are held when unclaimed or abandoned tangible property are recovered by the state of Tennessee or surrounding cities and county governments. Because tangible property may in fact lose value and is cumbersome to store, auctions are held to liquidate these items every so often. The proceeds then go to the local, county or state government.
Try: Go to the official website for the City of Knoxville for more information on the vehicle and equipment auctions which are held periodically within the state of Tennessee.

Unclaimed property report

The unclaimed property report refers to a document that must be filed by an individual, business or organization that has possession of unclaimed property. Depending on the nature of the property, different time lines must be followed for the unclaimed property report. Check with the state treasurer's office to ensure compliance.
Try: Check out the website for the University of Tennessee for more information on the unclaimed property report that must be filed after a certain amount of time under Tennessee law.

Holder

The holder, in accordance with Tennessee unclaimed property law, refers to the individual, business or organization that is in possession of the unclaimed or abandoned property. The holder must report that unclaimed property to the state within a certain amount of time depending on the nature or type of the property.
Try: Visit the website for Toolkit.com for further information on the "holder" and associated responsibilities for the business or organization in possession of the unclaimed property.

Compliance Disclosure Agreement Program

The Compliance Disclosure Agreement Program is a program being operated by the state government of Tennessee that is encouraging businesses that are out of compliance to turn over unclaimed property. By applying to the program, penalties and associated fees may be waived.
Try: Go to state.tn.us for more information on the Compliance Disclosure Agreement Program.

Proof of identification

The proof of identification refers to the government issued documents a claimant must present the city or state when trying to reclaim unclaimed property. Examples of these documents are driver's licenses, passports, and birth certificates. Furthermore, depending on the nature of the property, the claimant may need to provide substantiation that they are the rightful owner of the property. (For instance a proof of purchase.)
Try: Go to the official website for Nashville, Tennessee for more information on what qualifies as proper identification to reclaim any unclaimed property.