When Is Property Considered Abandoned in Georgia?

In Georgia, property is considered abandoned once the owner has had no contact with the business or institution holding it for a set dormancy period, which is five years for most financial assets and as short as one year for unpaid wages. The rules come from Georgia’s Disposition of Unclaimed Property Act. Once that period runs, the holder reports the property to the Georgia Department of Revenue and turns it over, but the state only acts as custodian. You, or your heirs, can reclaim it at any time with no filing deadline.¹

Dormancy Periods by Property Type

The dormancy period is the stretch of inactivity that triggers the abandonment presumption. It is not the same for every kind of property.

For bank accounts, certificates of deposit, and similar deposits, Georgia uses a five-year period. Under O.C.G.A. 44-12-197, a deposit is presumed abandoned when the owner has not increased or decreased the balance, presented a passbook, corresponded in writing, or otherwise shown awareness of the account for five years.¹ Utility deposits follow the same five-year rule.

Unpaid wages and payroll checks run on a much shorter clock. They are presumed abandoned one year after becoming payable.² An uncashed paycheck from January 2025 can be reportable as unclaimed property by the end of 2026. This is the deadline that surprises people most often, both employees who misplaced a check and employers who assume they can hold it on the books indefinitely.

What counts as owner contact is deliberately broad. A deposit, a withdrawal, a signed letter to the bank, or any communication showing you know the account exists resets the clock. Silence is what triggers abandonment, not an active decision to walk away.

Safe Deposit Boxes

Safe deposit boxes have their own multi-step timeline that stretches well past the initial trigger. If rental on the box has gone unpaid for one year, the lessor must send a notice by registered mail or statutory overnight delivery to the lessee’s last known address, giving 30 days to pay. If no payment arrives, the lessor notifies the Georgia Department of Revenue commissioner at least 30 days before drilling the box, then opens and seals the contents.³

After the box is opened, the lessee has two more years to claim the contents. Only then can the lessor send a final notice requiring payment of accumulated charges within 30 days. If that deadline also passes, the contents go to the commissioner as abandoned property.³ From the moment rent stops being paid to the moment contents are turned over, the full process takes at least three years.

What Has to Happen Before Property Is Turned Over

Businesses and financial institutions cannot simply forward dormant accounts to the state the day the dormancy period ends. Georgia requires a due diligence step first.

For any account worth $50 or more, the holder must send a first-class letter to the owner’s last known address between 60 and 120 days before the holder’s reporting deadline. The letter has to describe the property, identify the owner, and warn that the property will be turned over to the Georgia Department of Revenue’s Unclaimed Property Program if the owner does not respond.⁴

If you moved and never updated your address with an old bank, broker, or employer, that notice may have gone to someone else’s mailbox. That is one reason regular searches of the state’s database matter even if you have never received a letter.

Most holders file their reports and remit the property by November 1 each year. Insurance companies run on a separate schedule, with reports and remittances due by May 1.⁴

What Happens Once the State Takes Custody

Georgia acts as a custodian, not an owner. The state holds the property on behalf of the rightful owner or heirs and preserves the right to reclaim it indefinitely. The state cannot absorb unclaimed funds into its general budget and cut off your rights.

But custody comes with real consequences, and two of them cost owners money.

First, the property stops earning anything for you. Georgia law is explicit: the owner is not entitled to receive income or other increments that accrue after property is delivered to the commissioner.⁵ A savings account earning interest at a bank stops earning the moment the bank remits the balance to the state.

Second, stocks and other securities can be sold. Under O.C.G.A. 44-12-217, the State Revenue Commissioner can sell abandoned securities at prevailing market prices. Securities listed on an established stock exchange are sold at exchange prices, and others are sold over the counter or through whatever method the commissioner considers reasonable.⁶ If the state has already sold your securities before you file a claim, you receive the net proceeds from the sale rather than the shares themselves.⁵ If the stock appreciated after the sale, that gain is gone. You get what the state actually received.

How to Search for and Claim It Back

The Georgia Department of Revenue maintains a free, searchable database of unclaimed property. All you need to start is your name. Searching and claiming are both free, and you should never have to pay the state to recover your own property.⁷

For individual claims, the process after finding a match is relatively simple. You verify your identity, and the Department of Revenue processes the claim. Most claims are paid within 30 days, though the process can take up to 90 days.⁸

Claims on behalf of estates or businesses require more paperwork. You will need to submit a printed claim form along with supporting documentation, which may include proof of identity for the authorized representative, estate papers or letters testamentary, and corporate records showing authority to act for the business.⁷ The claim form itself must be the one prescribed by the commissioner; using a different form voids the claim.⁵

There is no deadline for filing a claim. Georgia lets owners and heirs recover unclaimed property at any time, with one narrow exception: excess funds from the sale of an abandoned motor vehicle must be claimed within one year.⁹

If the Owner Has Died

When the owner of unclaimed property has died, the claim gets more involved. If there was a will, the named executor can claim the property by submitting estate papers along with the standard claim form. If there was no will, Georgia’s intestate succession rules under O.C.G.A. 53-2-1 determine who inherits, and the probate court typically becomes involved to establish who has legal authority to act on behalf of the estate.¹⁰

For smaller estates, Georgia allows a simplified process when the unclaimed property involves deposits in financial institutions valued at $15,000 or less. In those cases, an heir may be able to use an affidavit rather than going through full probate administration, which saves both time and legal fees.

The Department of Revenue does not issue tax documents when it returns unclaimed property. The department’s guidance is to consult a tax professional to determine any liability.⁹ Getting back your own bank deposit is generally a return of your own money, but proceeds from securities sold at a gain, or dividends and interest that accrued before transfer, may carry tax consequences worth sorting out before you file for anything high in value.

1
Justia Law. Georgia Code 44-12-197 – When Certain Deposits or Other Property Presumed Abandoned
2
Justia Law. Georgia Code 44-12-206 – When Unpaid Wages Presumed Abandoned
3
Justia Law. Georgia Code 44-12-209 – Rent Due on Safe-Deposit Boxes
4
Department of Revenue. Holder Reporting
5
Justia Law. Georgia Code 44-12-220 – Claims for Property Paid or Delivered to Commissioner
6
Department of Revenue. Notice of Securities Liquidation
7
Department of Revenue. Search for Unclaimed Property
8
Department of Revenue. Unclaimed Property Claims – FAQs
9
Department of Revenue. General Unclaimed Property FAQs
10
Justia Law. Georgia Code 53-2-1 – Rules of Inheritance When Decedent Dies Without Will