Reporting Unclaimed PropertyUnder Indiana law, almost every business organization (and government body) is required to report and remit unclaimed property to the Indiana Attorney General's Unclaimed Property Division whenever the property owner cannot be found. Holders are businesses, organizations, and any other entity in possession of unclaimed property. Unclaimed assets are considered abandoned when the property has been unclaimed for one to fifteen (1-15) years (depending on property type), and attempts by the holder to contact the owner through the due diligence process have been unsuccessful. Holders are required to report unclaimed property annually by November 1st. The reporting deadline for insurance companies is May 1st. Businesses that fail to comply with the Unclaimed Property Act will be charged interest and are subject to additional penalties. Download "Managing Unclaimed Property" Powerpoint from our recent Educations Series sessions.IMPORTANT - NOTICE CHANGE OF HOLDING PERIODS FOR CERTAIN PROPERTIES - AMENDMENT TO I.C. 32-34-1-20 (12) AND (13)Effective July1, 2010 the statutory holding period for certain properties has changed from five (5) years to three (3) years. For the property types affected, see I.C. 32-34-1-20 as amended, by clicking amended holding periods. The amended holding periods must be reflected in the report of holders due NLT November 1, 2011.
Additional Helpful Links:Unclaimed Property Laws and Rules Dormancy Periods Table NAUPA codes for Property Types NAUPA Codes for Property Relationships Sample Due Diligence Form Letter |
