Unclaimed Property in Washington Key Terms

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

By Jason Wood

Unclaimed property in the state of Washington is handled by the Department of Revenue. They are charged with recovering, verifying and returning unclaimed property to the rightful owner. Take time to learn about the process of reporting unclaimed property so that you make sure your business stays in compliance. Here are some of the associated terms along with some resourceful links to help get you started.

Auction

The term auction, in relations to the state of Washington unclaimed property, refers to an event that is held where safe deposit box contents and safe keeping items are sold off to the public to the highest bidder. The auction is held at least five years after the property has been unclaimed.
Try: Visit the Washington State Department of Revenue's Unclaimed Property Department for additional information on the auctions that are periodically held.

Prior notice to owner

The prior notice to owner refers to document that must be sent to the last known owner of the unclaimed property before that property is turned over to the state of Washington.
Try: Go to Business Owner's Toolkit for an additional explanation of the prior notice to owner and how it operates within the state of Washington.

Proof of address, proof of identification

Proof of address or proof of identification refers to the burden of the claimant to provide documents to the state that verify both their address and identification when trying to recover unclaimed property. Government issued identification such as a drivers license, auto registration, birth certificate and bank documents are examples of items that qualify.
Try: Ehow.com explains how to claim unclaimed money in the state of Washington.

Holder

The holder, according to Washington state law, refers to the individual, business, organization or other entity that is in possession of unclaimed property. The holder then bears responsibility in regard to trying to locate the rightful owner, and then if unsuccessful, turns over the unclaimed property to the state.
Try: Justia offers more information on the definition of a holder and their responsibilities in accordance with Washington state law.

National Association of Unclaimed Property Administrator (NAUPA)

The National Association of Unclaimed Property Administrator or NAUPA refers to the organization that ties state unclaimed offices with other states. Washington belongs to this association and posts the contact information and search capabilities to their unclaimed property lists on the website.
Try: Check out Unclaimed.org for additional information on the National Association of Unclaimed Property Administrator (NAUPA).