by Doreen Martel

Created on: November 21, 2011   Last Updated: November 24, 2011

When life changes such as marriage, moving, divorce or death occur, it is sometimes close to impossible to remember to notify every single business where business is conducted of these changes. Whether it is a name change, an address change or a notification of death, sometimes things get overlooked. Unfortunately, this means that millions of dollars a year in unclaimed assets often are designated at “abandoned” and become subject to unclaimed property laws in Iowa.

What type of property is unclaimed?

Accounts at banks, safe deposit box contents and security deposits at utility companies are some of the types of property that wind up in the abandoned property division of the State of Iowa.  While most physical property such as cars, boats or homes are not covered under the unclaimed property laws, securities, paychecks and inactive bank accounts are covered under these laws.

How do owners find out if they have property?

Iowa unclaimed property is widely advertised through a number of venues. These include “the Great Iowa Treasure Hunt” website, a display at the State Fair, Clay County Fair, and the Cattle Congress, through mailings and through public service announcements to name a few options.  Property owners and heirs may find information through any of these sources.  Once property has been identified a claim form may be filed.

How long can property be claimed?

Iowa is one of the many states that holds abandoned property in perpetuity. Account owners, heirs of the account holder or authorized legal representatives may claim property at any time. There is never a fee for this service since the state laws encourage matching rightful owners with assets.  This means that the property may be claimed as soon as it is reported as abandoned or may be claimed in perpetuity by any heir of the rightful owner.

Third party claims

Third parties such as estate administrators, surviving spouses or “finder agencies” may claim assets on behalf of the rightful owner. In the case of finder agencies, there are limits placed on how much they can earn from finders fees. This is to discourage others from earning money off property that is free to claim for the owner or heirs.

Governing statutes

Unclaimed property laws in Iowa are governed under Iowa Code 556.  This code explains the responsibilities of financial institutions to report unclaimed assets as well as explains time frames and other important information that should be reviewed by those who believe they may be impacted by unclaimed property laws in Iowa.

Every year, thousands of dollars in assets are considered abandoned. Finding the rightful owners of unclaimed property is the goal of the Iowa State Treasurer’s office.  Towards this goal, the office has developed a system that allows residents to search for assets, publishes lists on an annual basis and works with residents to identify and claim assets.

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