Unclaimed Nclaimed Property - Reporting Booklet - Washington Department Of Revenue Page 4
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28General Overview
General Overview
General Overview
General Overview
General Overview
General Overview
General Overview
General Overview
General Overview
General Overview
Wha
Wha
Wha t is Unclaimed
t is Unclaimed
t is Unclaimed
t is Unclaimed
Wha
Wha
t is Unclaimed
rightful owner or their heir. The Department of
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Revenue acts as custodian for safe keeping of the
property until the rightful owner can be located.
Unclaimed Property is money or intangible
Once reported to the Department, abandoned
property owed to an individual or business.
property is available for refund to
Property is considered unclaimed
the owner or legal claimant
after it is held for a period of
indefinitely.
time with no owner contact, and
a good faith effort has been made
Washington State law requires
to locate the owner. Abandoned
businesses and other organiza-
property is turned over to the
tions (commonly referred to as
Department of Revenue from
“HOLDERS”) to review their
many sources, including banks,
records each year to determine whether they hold
credit unions, corporations, utilities, insurance
any funds, securities or other property that has
companies, governmental entities and retailers
been unclaimed for the required abandonment
throughout the United States.
period. Holders file an annual report and deliver
Uniform Unclaimed
Uniform Unclaimed
Uniform Unclaimed
Uniform Unclaimed
Uniform Unclaimed
the property to the state. The length of time
P P P P P roper
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ty Act of 1983
ty Act of 1983
roper
roper ty Act of 1983
ty Act of 1983
ty Act of 1983
property must be abandoned before being turned
over to the state varies by the type of property (see
The Washington Unclaimed Property Act protects
page 21).
unclaimed property until it is returned to its
Who Must Report?
n
The following are required to report unclaimed
Utilities owned or operated for public use must
property:
report.
n
n
Banking and financial organizations, including
Legal entities including state, county and city
state or federally chartered banks in
governments, political subdivisions, public
trust companies, savings banks, private
authorities, public corporations, estates, and
bankers, savings and loan associations, credit
trusts.
unions and investment companies.
All holders are responsible for filing reports on
n
Business associations wherever located, such
behalf of their branches, divisions or other affiliated
as a corporation, joint stock company, busi-
entities.
ness trust, partnership, cooperative or other
association of two or more individuals or
business purposes,whether or not for profit
(including all insurance companies).
Unclaimed Property Reporting Booklet
1
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