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 The concept for the unclaimed property law
originated with the English common law of Bona Vacantia
(vacant goods), which stated that the title to all property
having no designated owner
would revert back to the king. Modern laws have changed from
the escheat
(i.e. to take title) concept to the custodial possession by
most states.
The Uniform Unclaimed Property Act allows for
a central location in each state where people can search for
their unclaimed funds. The Uniform Unclaimed Property Act has
been enacted by every state, in one form or another. It is
sometimes referred to as the W.C. Fields Law because when the
entertainer died, his heirs spent years trying to contact
hundreds of banks throughout the United States to locate his
assets.
The eastern states have had unclaimed property
laws since the 18th century. Wyoming was the last
to enact their law in 1994. Idaho passed its Unclaimed
Property Law in 1961, which applied retroactively to business
transactions beginning July 1, 1936.
The Unclaimed Property Law requires businesses
to review their records each year to determine whether they
hold any funds, securities, or other property that has been
unclaimed. These businesses, or holders,
make annual reports and transfer the property to the
appropriate states. The business does not have to be
incorporated in Idaho or even conduct business in the state,
to have reportable property for Idaho. The only requirement
is that the business records show that the owner’s last
known address is in Idaho.
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