Whether it's stocks, bonds, lost accounts, land or even gift cards, the state of Tennessee unclaimed property department has accumulated millions of dollars worth of goods. Banks and others who have property that is abandoned need to be mindful of the laws and regulations regarding the safekeeping of that property and proper notification to regulatory bodies.
Unclaimed property in Tennessee laws and regulations are much like those of other states, but there are some federal regulatory agencies that have a say as well. Every step of the recovery process is detailed by law - from how long property must go unclaimed for it to be considered abandoned to the time limit for claiming property. Consider the following:
1. Like those of most states, the unclaimed property division of the Tennessee State Treasurer's Office is charged with handling Tennessee escheatment.
2. A business must maintain records on unclaimed property in TN for 10 years.
3. Business owners must not only report unclaimed property but also turn the property over to the Tennessee unclaimed property division within 120 days of making that report.
Find applicable TN unclaimed property rulesAs a business owner, you want to know your obligations to the abandoned property process and the different rules and laws that apply. Why not go straight to the source? Start with looking up the Tennessee statutes concerning unclaimed property.
See how federal regulations apply to abandoned property in TennesseePensions and HUD property are among the abandoned property that can wind up in federal jurisdiction. Federal rules detail the general procedure and also the steps taken when the rightful owner is known or unknown.
Internal Revenue Service details all the pertinent statutes regarding abandoned property, including the naming of the regulatory authorities, and tracking and storing the abandoned property. Check out the Electronic Code of Federal Regulations on public contracts and property management. You'll find unclaimed property rules listed under that category.