History
What is unclaimed property?
Most unclaimed property is money an owner has forgotten about, lost, or never even knew existed that remains in the possession of a holder (most often a large financial institution or other large business) for a period of years. Examples include dormant bank accounts, uncashed checks, forgotten rent deposits, overpayment of medical or utility bills, and unclaimed life insurance policies.
How is an Individual’s unclaimed property protected in the United States?
In the U.S., states are responsible for reuniting lost or abandoned property with its rightful owner. In the 1951 Supreme Court case, Standard Oil Co. v. New Jersey, the Court stated, "Property thus escapes seizure by would-be possessors and is used for the general good rather than the chance enrichment of particular individuals or organizations."
To address the “lucrative silence” that might occur when a holder of lost property benefits from doing nothing to find the property’s rightful owner, the Uniform Law Commission (ULC) promulgated the Uniform Disposition of Unclaimed Property Act in 1954. This legislation provides a system for transferring abandoned property to the state, which then has a responsibility to reunite it with its rightful owner. Utah adopted its first version of the Act in 1956 and received its first unclaimed property report in 1957.
A Proven Track Record of Success
Utah’s Unclaimed Property Division has nearly tripled annual claims payments and has quadrupled the number of claims paid annually in the last five years. This success stems from modernization and efficiency initiatives, which include: comprehensive social media, television, radio, and digital advertising outreach; an upgraded searchable website; implementation of ‘fast track’ claims technology; and the integration of imaging into claims processing. The State continues to prove its success at reuniting unclaimed property with its rightful owner.