NASHVILLE — Tennessee Treasury Department officials, who last fiscal year returned $40 million in unclaimed property to rightful owners, is now trying to do the same for yet more property that residents haven’t claimed.
About $725 million worth of property. The list includes years, sometimes decades, worth of unclaimed stocks, bonds, gift certificates, checks, unclaimed wages, refunds from utilties or other businesses, life insurance insurance annuities more.
Treasurer David Lillard said today the $40 million returned in Fiscal Year 2015 represented a 53 percent increase over the previous year. And officials are pushing to do more.
The unclaimed property is money that’s been turned over to the state by businesses and organizations that can’t locate the rightful owners. Each year, millions of dollars flow to the state. None of the items in the Unclaimed Property Division include land or physical items.
Officials say Tennessee has no time limit to seek the unclaimed property. It is held for the rightful owner or their legal beneficiaries until claimed. Treasury’s Unclaimed Property Division works to track down owners.