MISSOURI UNCLAIMED PROPERTY
Missouri Unclaimed Property: Your Comprehensive Guide to Understanding Lost Assets
Introduction
In Missouri, millions of dollars in unclaimed property are held by the state, waiting to be returned to their rightful owners. Unclaimed property refers to financial assets that have remained untouched or forgotten over time, such as bank accounts, stocks, uncashed checks, and more. These assets are turned over to the Missouri State Treasurer's Office for safekeeping until their owners can claim them. This detailed guide will walk you through the laws and regulations governing unclaimed property in Missouri, reporting requirements for businesses, and how unclaimed property ends up with the Treasury.
Understanding Unclaimed Property
What is Unclaimed Property?
Unclaimed property consists of financial assets that have been abandoned or forgotten by their owners for a specified period, typically five years. These assets include, but are not limited to:
Bank Accounts: Savings, checking, or CDs that have had no activity for five years.
Stocks and Dividends: Shares or dividend checks that remain unclaimed or undelivered.
Uncashed Checks: Payroll checks, refunds, or traveler’s checks that have not been cashed.
Insurance Policies: Life insurance policies where the beneficiary has not claimed the payout.
Safe Deposit Box Contents: Items left in a safe deposit box that has been abandoned.
Missouri’s Unclaimed Property Program is designed to protect these assets and ensure they are returned to their rightful owners.
Legal Framework Governing Unclaimed Property in Missouri
The management, reporting, and claiming of unclaimed property in Missouri are governed by specific laws and regulations:
Missouri Revised Statutes (RSMo) Chapter 447: Unclaimed Property Law
The core legal framework for unclaimed property in Missouri is found in RSMo Chapter 447, specifically sections 447.500 to 447.595. This chapter establishes the procedures for reporting unclaimed property, the responsibilities of businesses and financial institutions (referred to as "holders"), and the rights of individuals to reclaim their property.
RSMo Section 447.500: Defines unclaimed property and the circumstances under which property is considered abandoned.
RSMo Section 447.505: Outlines the obligations of holders to report and transfer unclaimed property to the state.
RSMo Section 447.541: Details the time period after which property is deemed abandoned and must be reported (typically five years).
RSMo Section 447.559: Discusses the responsibilities of the State Treasurer in managing and returning unclaimed property to its owners.
Reporting Requirements for Holders
Businesses and financial institutions in Missouri are required by law to report unclaimed property to the State Treasurer's Office. This process ensures that abandoned assets are securely managed until they can be returned to their owners.
Identification of Unclaimed Property: Holders are required to review their records annually to identify any accounts or assets that have been dormant for the statutory period (usually five years).
Owner Notification: Before transferring the property to the state, holders must attempt to contact the owner using the last known contact information. This step is crucial to prevent property from being unnecessarily reported as unclaimed.
Filing an Annual Report: Holders must submit an unclaimed property report to the Missouri State Treasurer by November 1st each year. The report must include:
The owner’s name and last known address.
A description of the property.
The date of the last transaction or contact with the owner.
Any efforts made to contact the owner.
Remitting the Property: After filing the report, the unclaimed property must be transferred to the State Treasurer's Office. This can be done electronically, and failure to comply with this requirement may result in penalties as outlined in RSMo Section 447.548.
Missouri Code of State Regulations (CSR) on Unclaimed Property
Additional procedural guidance is provided in the Missouri Code of State Regulations (CSR), particularly:
15 CSR 50-3.020: Details the requirements for the annual report, including formats, due dates, and penalties for non-compliance. It also provides instructions for holders on how to properly remit unclaimed property to the state.
Conclusion
Missouri’s unclaimed property program is an essential service designed to protect and return lost assets to their rightful owners. Whether you are a business needing to comply with reporting requirements or an individual looking to reclaim unclaimed property, understanding the legal framework and following the correct procedures is crucial.
For more information or to start your search for unclaimed property, visit the Missouri State Treasurer’s Unclaimed Property webpage https://treasurer.mo.gov/UnclaimedProperty . With this knowledge, you can ensure that your assets are safely recovered and returned to you.
By staying informed and following the appropriate steps, you can make the most of Missouri's unclaimed property resources and recover any lost assets efficiently and legally.
