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Unclaimed Property in West Virginia Laws and Regulations

Learn how to find and return property with unclaimed property WV laws and regulations

By Emmet McMahan
Unclaimed property in West Virginia laws and regulations are based partially on the common law of property. This generally means that unclaimed property is property which has left the rightful owner’s possession without directly entering another owner’s possession.

The disposition of WV unclaimed property depends on the specific circumstances under which it is found. There are three types of unclaimed property:
  1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in West Virginia 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 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.

 

Learn about the laws regarding the owners of West Virginia unclaimed property

Laws on WV escheat are frequently used to determine the circumstances under which property must be returned to the owner. Unclaimed property laws and regulations are a resource for owners who wish to locate their unclaimed property. Contact the West Virginia Department of the Treasury to locate your own property.
Try: The West Virginia United Federal Credit Union provides the legal obligations of the credit union to return unclaimed property, such as inactive credit union accounts. Section 150-5-4.2a of the Rules for the Government of Sewer Utilities for the City of Summersville addresses the steps a customer must take to retrieve an unclaimed security deposit.

Examine laws on holders of unclaimed property in WV

Unclaimed property laws describe the requirements for holders of unclaimed property to return the property to the rightful owner. They can determine when ownership of the unclaimed property passes to the holder.
Try: The West Virginia State Treasurer's Office provides the reporting requirements for holders of unclaimed property in West Virginia. Chapter 36 of the West Virginia code from the West Virginia Legislature addresses unclaimed property held by law enforcement agencies.

Review state of West Virginia unclaimed property law for finders

Unclaimed property laws for finders address procedures for how finders charge owners for locating, delivering, recovering or assisting in the recovery of their unclaimed property. Unclaimed property laws for finders may also cover the rights of the state to recover compensation for unclaimed property.
Try: The Town of West Union provides regulations on the rights and obligations of finders of abandoned vehicles. The Discover Network outlines the obligations of unclaimed property finders in West Virginia.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects West Virginia escheat. 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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