by Doreen Martel

Created on: December 07, 2011   Last Updated: December 11, 2011

Very few people ever plan to forget about or lose bank accounts, stock and bond accounts or retirement accounts. In addition, many think it is nearly impossible to forget about safe-deposit boxes or other assets that are held in safekeeping. The truth of the matter is, each year millions of dollars are turned over to states designated as abandoned property. In compliance with unclaimed property laws in Mississippi, businesses and custodians of financial accounts have turned over more than $38 million in abandoned property.

Types of unclaimed property

There are various types of unclaimed property that are covered under the unclaimed property laws in Mississippi. Typical property includes bank accounts with balances, contents of safe deposit boxes and stock and bond certificates. In addition, gift certificates, traveler’s checks and checks for wages are often left unclaimed by the rightful owner.

Requirements for business

Businesses who have property in safekeeping for owners such as bank accounts, investment accounts and life insurance policies are required to file a report with the State of Mississippi if the property is considered abandoned. With a few exceptions (such as traveler’s checks) most property is considered abandoned after five years. It is important to note that five years means no contact with the account owner including changes of address, phone inquiries, etc.

Disposition of physical property

As with many states, Mississippi has specific rules in their unclaimed property laws regarding the disposition of assets. Stocks and bonds are liquidated on the open market, contents of safe deposit boxes are auctioned off (based on estimated market value) and medals from the military are turned over to the Department of Veteran’s Affairs to be returned to the owner or their family members.

Finding unclaimed property

There are several firms that claim to be able to help heirs and others locate property that is held by any state. As with nearly all states, the unclaimed property laws in Mississippi have specific regulations that prohibit finders from gaining fees within seven months of the property being turned over to the state. In addition, Mississippi also prohibits fees of greater than 10 percent of the amount of property recovered.

The unclaimed property laws in Mississippi are known as the Uniform Disposition of Unclaimed Property Act (PDF) and govern the action of account holders, the State Treasurer as well as property location firms. Those who believe they may be entitled to claim property held by the State of Mississippi may search from the Mississippi unclaimed property online database, fill out a claim form (PDF) and return it with the property information and claim property at no charge.

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