by Doreen Martel

Created on: November 26, 2011   Last Updated: November 27, 2011

Kentucky Revised Statutes Chapter 393 and Kentucky Administrative Regulations Title 20 govern unclaimed property in Kentucky. Kentucky started their unclaimed property program in 1942.  Since then, more than $100 million has been returned to rightful owners or their heirs. It was not until 1994 that the Kentucky Treasurer became responsible for the program.

Type of unclaimed property

Unclaimed property laws in Kentucky cover many different types of property. Primary exclusions are real estate, boats and other physical property that is not kept in a safe deposit box. However, paychecks which have not been cashed, cash from safe deposit boxes, stamp and coin collections as well as stocks, bonds and other types of financial property is covered under unclaimed property laws in Kentucky.

Why property is considered unclaimed

When businesses, banks and other institutions that hold assets for someone else's benefit, they are required to maintain contact with them. In Kentucky, if an account holder is unable to contact an account owner within three years, the account is considered abandoned. In most cases, this means the company must report the account to the State of Kentucky or face fines and other consequences.  Account holders are to report all abandoned assets to the state with the exception of paychecks that are less than $50.  Every attempt must be made to contact the account owner before the property is turned over to the state.

Once property is turned over

As per the unclaimed property laws in Kentucky, once property is turned over to the state, the account owner (or heirs) may file a claim for the property. The state will require specific documentation to prove ownership of the property.  Supplemental documents such as a will, death certificates, account statements or cancelled checks my be required to verify the original owner of the assets.  There is no charge to file a claim or to claim property.

Finding property

To find property that may be held by the State of Kentucky potential claimants may contact the Office of the Treasurer directly at 1-800-465-4722.  In addition, an online search may be conducted by visiting the Kentucky Unclaimed Property website.  When searching the online database, it is a good idea to search by any common spellings of a name, especially one that is often misspelled.

Like most states, the goal of the unclaimed property laws in Kentucky are designed to provide a central location for property owners to find property that may otherwise be considered abandoned. In addition, this allows account holders to keep the costs of maintaining records down by not having to notify inactive account owners regularly.  Before a company turns over assets to the State of Kentucky, every attempt must be made to identify the owner. Kentucky Revised Statutes Chapter 393 and Kentucky Administrative Regulations Title 20 contain additional information for both account holders and account owners regarding unclaimed property laws in Kentucky.

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