What is unclaimed property?

Unclaimed Property laws began in the United States as a consumer protection program and they have evolved to protect not only the owners, but also their heirs and estates. Unclaimed property is tangible or intangible property that has had no activity for a specific period of time. Unclaimed property includes, but is not limited to, abandoned financial assets such as stocks and dividends, mutual funds, checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks that are without activity for a certain period of time, as well as the contents of safe deposit boxes for which the rent has been expired for at least five (5) years. It does not include real estate or vehicles.

The organization holding the original obligation is required to make every effort to contact the owner and establish activity. If they are not able to make contact, that asset is reported to the state of the owner’s last known address.

Once the property is in the custody of the state of Colorado, outreach begins through mailings, the website, advertisements and local media coverage.

The Unclaimed Property Division gives seminars around the state to companies needing to know how to report unclaimed property, and groups wanting to know more about unclaimed property, how to locate and claim it. The State will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.

The State Treasurer’s Office provides this service free of charge.