HOLDER FREQUENTLY ASKED QUESTIONS

 Who administers the law?

The West Virginia State Treasurer is the administrator of the Uniform Unclaimed Property Act and acts as custodian of the property on behalf of the owner.

 What is unclaimed property?

Unclaimed property may be any type of personal property on a business' records that is a debt or obligation to someone else which has remained unclaimed for a specified abandonment period.

 What is personal property?

Personal property is anything tangible or intangible. Tangible properties are physical "things" such as items in safe deposit boxes.  Intangible properties are money rights, for example: stale dated checks, bank accounts, unredeemed, unexchanged, or unsurrendered stock, insurance endowments or annuities, benefits, and numerous other forms of financial indebtedness which depends on the type of business. Real property, land or anything affixed to it, is not covered by the Uniform Unclaimed Property Act.

 Why are outstanding stale dated checks considered unclaimed property?

At the time the check was issued, the payee was entitled to the money. Simply because the check remains uncashed, the owner does not lose his or her right to the money.

 Why does the state become involved?

The Uniform Unclaimed Property Act, as outlined in the West Virginia Code, Chapter 36, Article 8, empowers the State Treasurer to preserve and protect the property rights of the owner. However, the state is only custodian until the rightful owner or his or her heir makes a claim to the state. The owner NEVER loses his or her right to the property.

 When are reports due?

All holders except life insurance companies and law-enforcement agencies must file their unclaimed property report prior to November 1 of each year. Life insurance companies must file prior to May 1 of each year. Law enforcement agencies must file prior to September 1 of each year. 


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