The following table summarizes when unclaimed property is presumed abandoned for purposes of the Tennessee Uniform Unclaimed Property Act:
ASSET TIME ELAPSED AFTER TRIGGERING EVENT
Traveler's Checks 15 Years
Stored Value Cards 5 Years
Money Orders 7 Years
Bonds 3 Years
Business Association Debts 3 Years
Payroll Cards 3 Years
Demand, Savings, or Time Deposits 3 Years
Store Credits (excluding credit for returned merchandise) 3 Years
Life Insurance 3 Years
Annuities 3 Years
Property Payable as a Result of Insurance Company Demutualization 3 Years
Pension/Retirement Account (Non-Governmental) 3 Years
Government Plans/
529 Plans/
HSAs3 Years
Custodial Accounts 3 Years
Securities 3 Years
Safe Deposit Box Contents 2 Years
Property Distributable as a Result of a Business Dissolution 1 Year
Property Held by a Court 1 Year
Property Held by a Government 1 Year
Wages, Commissions, Bonuses, Etc. 1 Year
Deposits/Refunds Owed by a Utility to a Subscriber 1 Year
All Other Property Subject to the Act 3 Years
The triggering event is different for each asset. For example, the triggering event for a traveler’s check is issuance of the check. For bonds, the triggering event is the earlier of the maturity date, call date, or date the obligation to pay arises, as appropriate.
For a definition of what constitutes “property” for purposes of the Act, see this post.
Source: T.C.A. §§ 66-29-105 – 111
Posted by Joel D. Roettger, JD, LLM, EPLS