Unclaimed property in Michigan basics hold that unclaimed property may be any financial asset that is abandoned for a specific period of time. Unclaimed property laws require businesses, financial institutions and government entities to report any personal property they have been holding for a certain period of time, known as the abandonment period.
The state administers MI unclaimed property when the owner cannot be located and the appropriate abandonment period has expired. The state uses several methods to locate the owner, including newspaper advertisements and mailing notices to the owner's last known address. There are three general types of sources that provide additional information on unclaimed property in Michigan:
- The state government. These sources provide official information on unclaimed property in MI and also include the state’s official property database.
- Third parties. Commercial sites that sell unclaimed property services or independent sources may offer basic facts on Michigan unclaimed properties.
- Local governments. Specific cities and counties normally hold unclaimed property before turning it over to the state. Each local government will have its own specific procedures for allowing owners to recover unclaimed property.
Find state agencies that deal with unclaimed properties in the state of MichiganThe state of Michigan administrates unclaimed property that it receives from businesses and government entities throughout the state. Michigan also has specific laws that regulate unclaimed property.
Michigan Department of Treasury provides a FAQ with basic questions on unclaimed property in Michigan. The Michigan Legislature handles unclaimed property in Michigan with the Uniform Unclaimed Property Act.
Learn about MI unclaimed properties from private sourcesThere are many businesses that provide searches of unclaimed property in Michigan. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Michigan.
Keane Organization performs unclaimed property services in Michigan and provides information that is specific to Michigan. The University of Michigan Library has a variety of resources for obtaining government benefits in Michigan, including unclaimed property.
Look for unclaimed properties in MI in local jurisdictionsUniversities, 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.
City of Dearborn provides an unclaimed property listing and other basic information on unclaimed property. Calhoun County Courts answers specific questions on unclaimed property and other issues.
- The process of turning over Michigan unclaimed property to the state is also called escheatment and this property may therefore be referred to as escheat. Michigan businesses frequently handle escheat in the form of an unclaimed pay check which requires the company to file an unclaimed property report. The company also must make a good faith effort to find the owner.