Georgia Abandoned Property Laws: Holder Reporting and Claims

Georgia abandoned property law, formally the Disposition of Unclaimed Property Act, requires banks, employers, insurers, and other businesses to turn dormant assets over to the Georgia Department of Revenue after a set period of inactivity, usually five years. The state then holds the money or property until the rightful owner claims it, and the search and claim process is free.

What Makes Property “Abandoned” in Georgia

Property is “presumed abandoned” once it has sat untouched for a statutory dormancy period with no owner-initiated activity. The general rule covers almost everything a business might hold for a customer: any tangible or intangible property held in the ordinary course of business becomes reportable after five years without contact.¹ The owner does not need to have made a formal demand for the property to qualify.

A few of the most common categories, with their timelines:

Bank accounts, including demand deposits, savings accounts, matured time deposits, and automatically renewable deposits, become abandoned after five years without a deposit, withdrawal, written communication, or other sign of owner interest.²
Unpaid wages are presumed abandoned after just one year.³
Insurance proceeds, utility deposits, gift certificates, securities, and the contents of safe-deposit boxes are each governed by their own code sections with their own dormancy periods.

Georgia also protects dormant bank balances from being eaten up by fees. Financial institutions cannot deduct service charges on an account once it has been inactive for 12 months or more; charges are allowed only in the 12 months after the last deposit or withdrawal.²

How to Search for and Claim Property You’re Owed

The Georgia Department of Revenue runs a free online database at gaclaims.unclaimedproperty.com. Search your name, former names, and the names of any businesses or estates you represent.⁴

If a match turns up, register for a free account and submit a claim. Individuals can usually file entirely online. Claims filed on behalf of an estate or a business require a printed claim form and supporting documentation showing your authority to act for the entity.⁴ Uploading your supporting documents at the time of filing shortens the review.

Most claims are paid within 30 days, with more complex ones taking up to 90 days.⁵ Payment arrives as a paper check mailed to the address on your account. The state does not pay claims electronically.⁴

One useful protection: expiration of a contractual or statutory claim deadline does not stop property from being presumed abandoned or relieve the holder of its duty to turn the property over to the state.⁶ Once the funds are with the Department of Revenue, time alone shouldn’t block your claim.

Watch Out for Paid “Finders”

Companies sometimes called asset locators or heir finders will offer, for a cut, to recover property on your behalf. Georgia caps what they can charge and voids the earliest agreements entirely.

Any agreement to pay a fee for recovering property that has already been reported and delivered to the state is unenforceable for the first 24 months after the property reaches the commissioner. After that window, recovery agreements are enforceable but the combined fees and costs cannot exceed 30 percent of the amount recovered or the property’s value, whichever is lower. A fee charged above that cap is automatically reduced, with the excess going to the owner.⁷

The 30 percent cap does not apply when a court order is needed to establish entitlement, or when the deal is structured as an “Unclaimed Property Purchase Agreement” rather than a recovery agreement. Since searching and filing directly with the Department of Revenue costs nothing, a finder rarely adds value for a straightforward claim.

Reporting Obligations for Holders

If your business holds property that belongs to someone else, the Act gives you a specific sequence of duties: try to reach the owner, file an annual report, remit the property, and keep records.

Due Diligence Before the Report

Before filing the annual report, a holder must attempt to contact the owner. The attempt has to happen at least 60 days, but no more than 120 days, before the report is submitted.⁸ In practice, that means written notice to the owner’s last known address warning that the property will be transferred to the state without a response.

Annual Report and Remittance Deadlines

Most holders file a verified report and remit the property to the Department of Revenue by November 1, based on a June 30 cutoff. Insurance companies file by May 1, based on a December 31 cutoff.⁸ The commissioner can grant extensions on written request.⁹

Each report has to include:

The owner’s name, Social Security or federal identification number if known, and last known address with ZIP code
A description of the property and any identifying number
The amount appearing to be due
The date the property became payable and the date of the last owner transaction
For safe-deposit box contents or other tangible property, a description and the location where it can be inspected

Items under $50 each can be reported in aggregate rather than individually.⁸

Record Retention

Holders must keep the books, records, and documents needed to verify the report for ten years after the property becomes reportable. For property with a last known owner address, the holder must keep the owner’s name and address for the same ten years.¹⁰ Record retention is a common weak spot; building the ten-year rule into a compliance calendar is worth the effort.

What Happens When a Holder Doesn’t Report

The Act’s penalty provisions, which may include fines, interest, and enhanced penalties for willful noncompliance, sit in sections of the code outside those addressed in the Department of Revenue’s public claims materials. A holder uncertain of its exposure should consult the department’s holder reporting guidance or legal counsel directly, since the consequences of a missed deadline tend to compound over time.

On the other side of the ledger, once a holder delivers property to the commissioner, the state assumes custody and the holder is relieved of liability for that property to the extent of the value delivered.¹¹ Timely reporting is the cleanest way to move that liability off the books.

Keeping Your Own Accounts from Drifting into Dormancy

Dormancy clocks reset with owner-initiated activity. A deposit or withdrawal, a written inquiry to the institution, or logging in to an online portal generally counts as showing interest in the account.² For accounts you don’t actively use, periodic contact prevents them from falling into the state’s hands.

Estates face a similar risk when a decedent leaves no clear record of accounts. Keeping an up-to-date inventory of financial accounts, insurance policies, and other holdings, with account numbers and institution contacts, and making sure the executor and beneficiaries know where that inventory is, lets an estate reach the assets before any dormancy period runs out.

1
Justia. Georgia Code 44-12-193 – When Property Held, Issued, or Owing in Ordinary Course of Holders Business Presumed Abandoned
2
Justia. Georgia Code 44-12-197 – When Certain Deposits or Other Interests in Banking or Financial Organization Presumed Abandoned
3
Justia. Georgia Code 44-12-206 – When Unpaid Wages Presumed Abandoned
4
Georgia Department of Revenue. Search for and Claim Unclaimed Property
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Georgia Department of Revenue. Unclaimed Property Claims – FAQs
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Justia. Georgia Code 44-12-226 – Expiration of Limitation Specified by Contract, Statute, or Court Order
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Justia. Georgia Code 44-12-224 – Development and Publication of Unclaimed Property Forms by Commissioner
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Justia. Georgia Code 44-12-214 – Report and Remittance of Persons Holding Property Presumed Abandoned Under This Article
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Georgia Department of Revenue. Georgia Unclaimed Property
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Justia. Georgia Code 44-12-228 – Maintenance and Retention of Records
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Justia. Georgia Code 44-12-216 – Assumption of Custody by State