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Unclaimed Property in West Virginia Basics

Locate WV unclaimed property for your business

By Emmet McMahan
Unclaimed property in West Virginia basics include the fact that a financial asset that has been abandoned for a certain amount of time may be considered unclaimed property. Businesses, such as financial institutions, may hold unclaimed property for a specified period of time before turning it over to the state of West Virginia. The period of time that a business may retain this property is known as the abandonment period.

The state must attempt to locate the owners of unclaimed property of WV. These methods are specified by law and typically include mailing letters to the last known address of the owner and taking out advertisements in local newspapers. There are generally three types of information sources on unclaimed property in West Virginia:
  1. Government websites. These sources of unclaimed property of West Virginia have official information on recovering unclaimed property in West Virginia.
  2. Commercial websites. These sources may be commercial sites that sell unclaimed property services and also provide a summary of West Virginia unclaimed property.
  3. Websites of local governments. Counties in West Virginia may attempt to locate the owners of unclaimed property on their own before handing it over to the state.

 

Find state agencies that deal with WV escheat

The state of West Virginia administrates unclaimed property that it receives from businesses and government entities throughout the state. West Virginia also has specific laws that regulate unclaimed property.
Try: The West Virginia State Treasurer is responsible for returning unclaimed property in West Virginia to its rightful owner. Justia.com provides Chapter 36, Article 8 of the West Virginia Code, which addresses unclaimed property in West Virginia.

Learn about unclaimed property in WV from private sources

There are many businesses that provide searches of unclaimed property in West Virginia. While these companies may charge a fee for these services, they often provide free information about unclaimed property in West Virginia.
Try: The Insurance Journal has a recent article on unclaimed property in West Virginia and also provides a link to the unclaimed property database in West Virginia. BankingQuestions.com answers a specific question on recovering unclaimed property in West Virginia.

Look for state of West Virginia unclaimed property in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Try: The West Virginia State Archives provides the documentation needed to apply for an unclaimed Civil War medal. The City of Summersville provides the rules for recovering unclaimed utility deposits in West Virginia.

 

  • A treasure trove is a specific type of West Virginia government unclaimed property in which currency is intentionally hidden by the owner. In order to be a treasure trove, the property must have been hidden sufficiently long ago that the owner is assumed to be dead or cannot be located. American common law generally holds that a treasure trove belongs to the finder.

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