Mississippi Escheat & Unclaimed Property Laws

Mississippi, like many states, has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit prior to November 1 using June 30 of the current year as the cutoff date. Mississippi law requires holders to report unclaimed property every third year (2017, 2020, 2023, etc.).

Early reporting is not permitted. Mississippi requests that holders do not submit negative reports.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Mississippi’s unclaimed property laws and regulations.

Mississippi Due Diligence Requirements

Mississippi requests that holders send due diligence notifications to the owner for any property with a value of $50 or more at least 60 days before the report is filed.

Each letter should be sent to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to escheat to the State of Mississippi.

Mississippi Dormancy Periods

Dormancy periods in Mississippi vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Mississippi for common property types include:

• Wages, Payroll or Salary: Five years
• Safety Deposit Box Contents: Five years
• Traveler’s Checks: 15 years

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Reporting unclaimed property in Mississippi, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

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