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State of Minnesota Unclaimed Property |
Minnesota Unclaimed Property is the property that has not reached the rightful owner and remains under the possession of its holder for a number of years. Such property is considered abandoned or unclaimed after a certain number of years passed without any activity from the owner. This period of inactivity is different for different kinds of property. As for example, the savings account has three years of dormancy period but the safe deposit boxes has five years of it. Similarly, for money orders, it is seven years and for travelers checks, it is fifteen years.Minnesota Unclaimed Property LawAs per the Minnesota Unclaimed Property Law, the holders of abandoned property need to contact the owner, if they do not see any activity on part of the owner. However, if they fail to contact the owner within the dormancy period of a property, the law require them to turn over the property to the State of Minnesota . The Minnesota Department of Commerce is the state agency that takes control of MN Unclaimed Property and all the holders, such as banks, insurance companies, corporations, etc. are required to report to it on an annual basis.The Department of Commerce is the custodian of unclaimed property in Minnesota and helps people find out their lost treasure in a number of ways.
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While the department keeps tangible property, such as contents from safe deposit boxes, the unclaimed money and funds are put in the state's general fund, where they are available for the owners or the heirs to make a claim.
If the contents of safe deposit boxes are not claimed within ten years, the Department of Commerce makes it available for auction. The money collected through MN Unclaimed Property Auction is kept safe for the owner.Unclaimed Property SearchThe procedure to conduct a search through the database of Minnesota Unclaimed Property as well as to make a claim for an abandoned property can be found on the the official website of the Minnesota Department of Commerce. The holders of unclaimed property in Minnesota can also get information regarding the procedure of reporting.
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