In Indiana, there are so many financial assets with no activity from their owner for a long duration of time. These unclaimed properties can gross up to 1 billion dollars in Indiana. In the course of this article, we will be looking at how to claim an unclaimed property in Indiana, what an unclaimed property is, and the laws and term limits governing unclaimed properties. In the course of this article, we would be looking at all informational resources that are related Indiana unclaimed property.
What is an Unclaimed Property?
An unclaimed property is any asset that has no activity on it by its owner for a long train of time. Examples of such properties include commissions or wages, customer deposits or overpayments, certificate of deposits, refunds, safe deposit box contents, and credit balances. The organization that holds the unclaimed property has the job of contacting the owner and returning it. This can be done with a written correspondence or via online communication. The laws that Govern unclaimed properties vary within all four states of the USA. An aggressive outreach effort is kicked off once the unclaimed property is in the custody of the State. This effort includes the use of social media advertisements mailings use and local media coverage to reach out to owners.
Unclaimed property time limits and rules for Indiana state
In Indiana, everything that relates to unclaimed property is handled by the unclaimed property division of the Indiana attorney general’s office. If you are a business owner, it is through the general office that you will make contacts to return unclaimed property to Indiana state. According to Indiana state laws, a business owner is obliged to report and turn over abandoned property to the state through the necessary protocols.
In most states in the United States of America, an abandoned property takes from 1 to 5 years to be presumed claimed. However, in Indian states, this will take from 1 to 15 years of inactivity of the Property owner. This time range actually varies from the type of property that is involved. If an individual does not reclaim the property for duration of 25 years, it will turn into an Indiana State Property.
How to file a claim for unclaimed property in Indiana
Jobs at the office of the Indiana attorney general are to provide the names of all unclaimed property owners in newspapers and local media coverage across the state. Another property that is held by Indiana State can be found by searching on their government site
In order to file a claim for unclaimed property, you have to do so via the attorney general’s office website.
- In your name in the search field on their official website-
- The results from the online database are returned check in the box next to the property that you want to claim.
- Click on the “Add checked to claim” button on the attorney-general’s site.
- Next up select your relationship to the Property Owner then click continue
- Verify the information that you keyed in to see that everything is correct, then click approve.
- When your claim has been approved on the website print out the claim, get it signed, and mail it to the following address:
Office of the Indiana Attorney General
Unclaimed Property Division
P.O. Box 2504
Greenwood, IN 46142
The attorney-general might take 90 days to process claims from claimants.