About
Noah Friend (far right) testifying in favor of Kentucky’s Revised Uniform Unclaimed Property Act in March of 2018. Photo provided for reference only, does not represent an endorsement of Friend Law Firm by any past or present elected or appointed state official
What Are Unclaimed Property Funds?
The money being held by the state has come from a company who has been unable to get in contact with you for a particular period of time, usually at least three years. THESE FUNDS BELONG TO YOU OR YOUR FAMILY, NOT THE COMPANY OR THE STATE. Once a company has been unable to get in touch with you, Kentucky law requires that they give the funds to the state, which holds the funds until you come to claim them. See KRS § 393A.040 et seq.
What Kind of Funds Could These Be?
State law requires a large number of companies to turn these funds over. The most common things that get turned over include: insurance policies; utility deposits; investment accounts; stocks; savings or checking accounts; cashier’s checks; or, uncashed rebate/refund checks. See KRS § 393A.040.
How Much Money Am I Owed?
It is hard to tell at the outset what is owed. In order to protect personal information, Kentucky law limits the amount of information that is released about these funds. Generally, we can tell if the funds are less than $100, and we can often know if the funds are over $500.
Why Did These Funds Get Turned Over?
The company that has turned the funds over was unable to reach you for one reason or another. Often, the company has an old address in its system (such as with old utility deposits), or perhaps has made a mistake in your address, and the mail has become undeliverable. In other situations, you may be receiving this correspondence because of funds that belong to a deceased parent or grandparent, or because you are serving as an executor of the estate of someone who owned these funds. See KRS § 393A.240.
Is There a Time Limit to Claim My Funds?
No. The state will hold these funds forever. However, the longer you take, sometimes it can become more difficult to obtain the proof needed to reclaim the funds. In addition, sometimes stocks are turned over to the state, and you can receive the funds back prior to them being liquidated. If the accounts are stocks accounts, it is very important to act quickly to avoid liquidation of the stocks.
Why Use Friend Law Firm to Recover Your Unclaimed Property?
Noah Friend was the author of Kentucky’s version of the Revised Uniform Unclaimed Property Act (KY HB 394 2018). The bill passed through the Kentucky House and Senate with almost unanimous bipartisan support, and was signed into law in 2018. Our firm understands Kentucky’s laws, and has extensive experience working with unclaimed property recovery.
Do I Have to Pay Up Front to Recover These Funds?
NO. We operate on a contingency basis, meaning that we only get paid if we recover funds from the state.
What Do I Need to Do Next?
Reach out to Friend Law Firm via phone at (606) 369-7030, email at noah@friendlawfirm.com