Tennessee Escheat & Unclaimed Property Laws

The deadline for annual reporting and remittance in Tennessee is October 31 for all holders. Early reporting is permitted provided that all due diligence efforts are complete.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Tennessee’s unclaimed property laws and regulations. Holders reporting to Tennessee are required to submit their reports electronically through the “REPORT IT TN” web application found on the state’s website. Paper reports are not accepted.

Tennessee Due Diligence Requirements

Tennessee requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent to the apparent owner at the last known address not more than 180 days or less than 60 days from the reporting deadline.

• a heading that reads substantially as follows: “Notice: The State of Tennessee requires us to notify you that your
  property may be transferred to the custody of the treasurer if you do not contact us within thirty (30) days after the date of this notice.”
• State that the property will be turned over to the treasurer
• State that, after the property is turned over to the treasurer, an apparent owner that seeks return of the property must file a claim with the treasurer
• Identify any owners of the property
• Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice
• State that property which is not legal tender of the United States may be sold by the treasurer
• Provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the treasurer.

Tennessee Dormancy Periods

Most property types in Tennessee have a dormancy period of three years. For most property types, 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.

• Wages, Payroll or Salary: One year
• Checking Accounts: Three years
• Money Orders: Seven years

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