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Finance

FAQS - Unclaimed Property

Do businesses transfer unclaimed property to the Metropolitan Government Division of Unclaimed Property?

No. Businesses with unclaimed property or funds belonging to others make such transfers with the State government unclaimed property office. For the State of Tennessee’s unclaimed property office, please call 615-741-6499 or visit that office’s website.

The Metropolitan Government Division of Unclaimed Property generally processes for funds from unclaimed transactions in the city / county government’s normal business operations. This process makes reasonable attempt of contacting such property owners, before it must report and transfer remaining unclaimed property or funds to the State Government unclaimed property office.

Why does Tennessee have an Unclaimed Property law?

Consumer protection is established by the Uniform Disposition of Unclaimed Property Act. It protects the owner’s rights to the property by restricting private escheat by the holder. The act protects the owners and collects on their behalf. Then owners are located through advertising on the Internet and newspapers as well as by letter and various outreach programs. The holders are provided relief from liability when they remit the property to the State. The act provides for a central point of contact for potential owners of unclaimed property.

At what point does custody of unclaimed funds transfer from Metro to the State?
After the deadline for submitting your claim to the Division of Unclaimed Property, the Unclaimed Property Division begins the process of remitting the funds to the state of Tennessee. This requires us to “freeze” our unclaimed property records at that time. When our records are “frozen”, we cannot honor any late claims received. By state law, the Metropolitan Government of Nashville & Davidson County Division of Unclaimed Property must remit all unclaimed property to the state no later than May 1 of each calendar year. The State of Tennessee will then normally have the property ready for claim within 6 weeks of the time the Division of Unclaimed Property has submitted the property to the State.

You may view the State’s Unclaimed Property Division website from this link. Tennessee is a custodial state. The owner or heirs may claim property at any time. The funds always belong to the owner and will not become the property of the State.

Contact Unclaimed Property:

Metropolitan Government of Nashville & Davidson County
Division of Unclaimed Property
P.O. Box 196300
Nashville, TN 37219-6300

Telephone: 615-862-6100, then press 5 for Unclaimed Property
Hours: 8:00 AM to 4:30 PM Central Monday-Friday, closed Holidays