Unclaimed Property Nebraska

Unclaimed property in Nebraska includes items like uncashed payroll and vendor checks, credit memos, unreturned deposits and money orders, unused traveler’s cheques, and prepaid gift certificates. The state’s dormancy period is seven years. The Treasurer’s Office administers and enforces the state’s unclaimed property laws. The Treasurer’s Office may enforce the unclaimed property laws by sending a demand for filing a verified report within thirty (30) days or examining the records of any person who fails to file a verified report. The Treasurer’s Office may also initiate a criminal action against a person who commits a misdemeanor under the Act.

The website provides information on how to file a claim for property that belongs to a deceased person. Typically, the claimant must be an heir or executor of the estate. The state will try to locate the property’s original owner, but this can take time. The state treasurer’s office also works to promote the unclaimed property program by attending county fairs and publishing a yearly report that names properties by county.

Nebraska Unclaimed Property Rules

The Treasurer’s Office has special rules for property owed to out-of-state owners. Normally, property is presumed abandoned in Nebraska unless it is held by a holder who is subject to the jurisdiction of another state or the law of that other state makes reciprocal provisions, providing that similar property is not presumed abandoned when held for an owner whose last known address is in Nebraska. The Treasurer’s Office requires holders to send due diligence notifications for out-of-state owners with value of $50 or more, even if the property is not required to be reported in Nebraska.

As a result, many property owners may not receive a claim notification from the Treasurer’s Office. To avoid this, all holders of unclaimed property should conduct a thorough search to determine if their properties are reverting to the state and prepare annual reports and remittance payments. For a simplified, automated, and cost-effective approach to managing your reverting properties and fulfilling your annual reporting obligations, consider using the Sovos UP Compliance Hub.

How Much Unclaimed Property Does Nebraska Have?

The State Treasurer’s office is responsible for about $170 million in unclaimed property. This includes items like bank accounts, safe deposit boxes, and securities that companies transfer to the state after no one claims them for years. The office also handles wages, vendor payments, insurance claim settlements, security deposits, and traveler’s checks.

When an item is reported to the state, it’s added to a database that allows people to check for their name. The website also contains information on how to file a claim. It’s important to note that the process can take several weeks. The state will verify that you have a legitimate claim before it will pay you the money.

The State Treasurer’s office works to reunite owners with their lost property. The database of unclaimed property is searchable by name, business, or organization. It is updated regularly. 2022, the state paid out more than $14 million in claims. There are more than $42 billion in unclaimed assets across the United States.