Unclaimed Money in Indiana
Millions of dollars in unclaimed money in Indiana is turned over to the Office of the Attorney General. It then becomes the job of the Attorney General to locate the rightful owners of this unclaimed property and see that it is returned to them.
Indiana unclaimed money can come from a variety of different sources including bank accounts that have been forgotten, stocks, bonds, bond interest, dividend interest, forgotten or lost checks that have never been cashed, utility refunds, insurance proceeds and even the contents of safe deposit boxes that are forgotten or abandoned.
If you think you may be the rightful owner of unclaimed money in Indiana you can easily find out by going to indianaunclaimed.com. This website lists a wealth of information about unclaimed property in Indiana through a searchable database.
In the state of Indiana any money that is unclaimed for a specified period of time is turned over to the Unclaimed Property Division of the Attorney General’s Office. This is based on law that was passed by the Indiana General Assembly in the year 1967. Whenever funds or property is left with any type of holder, such as an insurance company, bank or any other organization or business and there has been no activity by the rightful owner for a period of time that property or money must be given to the state for safe keeping.
The office of the Attorney General then has the responsibility to hold all unclaimed money in Indiana for a period of 25 years. During that time they will make an attempt to find the rightful owner or the heirs of the rightful owners. Anyone who has a legal claim to the money or property may file a claim with the Unclaimed Property Division. If the property is not claimed within 25 years the money will then be deposited in a special fund for the State’s Common School and at that point the money or property can no longer be claimed.
The state does make various attempts to try to locate the rightful owners. One of the ways the state attempts to locate the owners of unclaimed money in Indiana is to publish the names of owners in newspapers in counties for the owner’s last known address. If you think you may be owed unclaimed money, make a point to check the legal notices in local newspapers.
Indiana also participates in the Indiana State Fair as well as the Indiana Black Expo as a way to getting the word out about Indiana unclaimed money. During both of these events the Attorney General sponsors an information booth. You can also check with the Indiana Unclaimed Property Division directly and ask them to conduct a search for you to assist you in discovering whether you are owed any unclaimed funds or property.
In order to make a claim for unclaimed property in Indiana you will need to complete a claim form and provide documentation that verifies your identity as the owner of the money or assets. Due to the fact that multiple people may have the same name you may also need to provide documentation that associates you with the last known address reported for the owner of the property.
If you are claiming property on behalf of a deceased owner you may need to submit a will, trust or some other type of documentation that proves you are the rightful heir to the property. Some claim forms may need to be notarized in order to file a claim for Indiana unclaimed money.
Bear in mind that you should allow up to 90 days in order for a claim to be processed from the date it is received. You will not be charged a fee for searching for or filing a claim for unclaimed money Indiana unless you choose to go through a private recovery agency.