Report Unclaimed Property

Education and Resources

The Unclaimed Property Division offers resources to help businesses submit their annual reporting timely and free of errors.

The unclaimed property process


 

Unclaimed Property 101

 

How to report unclaimed property in Tennessee
How to identify unclaimed property
How to locate the owner
Submitting Your Unclaimed Property Report
Reporting Securities As Unclaimed Property
Understanding Audits, Compliance & Negative Reports

Unclaimed Property Holder Reporting Seminars

The Division hosts a wide range of webinars to educate holders on the reporting process
and update them on any changes. All webinars are free to Holders. 

Area Date and Time Location Webinar Recording
Identifying Property - Due Diligence Tuesday, June 15, 2021
10:00 a.m.–11:00 a.m. CT
WebEx Watch Video
Safekeeping Wednesday, June 16, 2021
10:00 a.m.–11:00 a.m. CT
WebEx Watch Video
Local Government Refund / Holder Reimbursements Thursday, June 17, 2021
10:00 a.m.–11:00 a.m. CT
WebEx Watch Video
Creating & Submitting Your Report Tuesday, June 22, 2021
10:00 a.m.–11:00 a.m. CT
WebEx Watch Video
Payment & Delivery of Securities Wednesday, June 23, 2021
10:00 a.m.–11:00 a.m. CT
WebEx Watch Video
Audit & Compliance Disclosure Agreement Thursday, June 24, 2021
10:00 a.m.–11:00 a.m. CT
WebEx Watch Video

Request Unclaimed Property Holder Education

If you would like to request for someone to speak at your engagement, please fill out this form and a member of our team will contact you within 72 hours.

Request for Unclaimed Property to speak at your engagement

Reporting software options

There are various vendors that supply Unclaimed Property reporting software.

The functionality and price of each option may differ slightly. A free, NAUPA-approved version is available through HRS Pro. You may also visit the NAUPA website to create your own NAUPA file.

female working on laptop in office

Forms and guides

For a complete listing of forms, reporting guides, and instructions, visit the Forms and Guides section.

Visit Forms and Guides

law scales and gavel in library

Are you currently in compliance?

If you are an entity that in some aspect is currently not in compliance with the State of Tennessee Unclaimed Property laws, we provide an opportunity for you to come into compliance.

Your admittance in our CDA program will waive any possible penalties you would incur.

Begin your path to compliance

Frequently Asked Questions

Click any of the following questions to view the answer.

How do I contact the Unclaimed Property Division?

Please email us at: ucp.holders@tn.gov

At what times will I receive emails?

Emails are sent to confirm a user and when payments are received and processed.

Where can I find forms for requesting a refund, common property types, and more?

Please visit: Forms and Guides

When is the report and remittance due?

Reports are due by November 1st of each year. NOTE: The reporting deadline has changed from May 1st to November 1st, beginning in 2019. Please see Laws and Statutes for more information on the reporting deadline change.

Can I report and deliver property before the prescribed dormancy period has elapsed?

Yes, TCA 66-29-138(b) allows a holder to report before the statutory due date if due diligence requirements have been met.

What do I do if I forget my password?

From the log in page, select “forget your password?” you will receive an email to reset the password at the address provided.

What are the primary and secondary users?

A primary user manages the group of users, but all users (primary and secondary) are able to review and select files that have been submitted (completed or not completed), create a new report (positive or negative), and make payments on any existing file.

What should I do if a primary user leaves the company?

Contact the Unclaimed Property Division at UCP.Holders@tn.gov so that the primary user can be switched from the inactive user to a secondary user.

How can someone else with my company make payments?

Once the person is registered as a secondary user, they can make payments on any file.

What is the difference between a positive and negative report?

A positive report has a value greater than $0.00 and a negative report is a $0.00 report.

Are negative reports required?

No. Effective with the 2006 annual reporting period, negative reports have not been required.

Which file formats are accepted? Can my file be encrypted?

The file you use to report unclaimed property on the web application should be the standard NAUPA formats: .txt, .hde or .rpt. use the .hde format for encrypted files.

What does it mean if the file selected to submit is rejected? What do the errors in the error report mean?

The system either accepts the entire file or rejects it. If the file is rejected, there is an error and the error report will detail the specific errors on each line inside the file.

What do I do now that I received errors after my file was rejected?

Once you have reviewed the errors in the error report, correct the mistakes you are able to, or contact the creator of the file in order to resolve all issues, and then resubmit. After trying this and using the complete reporting guide as a reference, you may contact the unclaimed property division if you are having trouble uploading the file.

Should I be cautious with error reports?

Yes. there may be sensitive PII on the downloaded error report; so proceed with necessary measures.

Can a file have multiple reports?

Yes, the file can have multiple reports.

How do I know which holder to choose when submitting a negative report?

Locate the holder by name and tax ID. You can delete the report if you happen to select the wrong holder.

Can I make payments? What are ACH payments?

All remitted funds should be made through the online portal ReportItTN by ACH (automated clearing house payments. you have the option to make ACH debit or ACH credit payments.

What should I do if my reporting organization does not have the capability to make an ACH payment?

If you are unable to make an ACH debit or ACH credit payment through the online portal ReportItTN you may request permission to make an alternative payment. The only other option is by Fed wire. you can make this request by emailing ucp.holders@tn.gov. If approved you will be sent the Fed wire instructions. Payments made by check will be assessed penalties.

What is the most common error when making an ACH payment?

A debit-block may be on your account when the treasury attempts to pull the remitted funds, rejecting the transaction as an unauthorized debit. Contact your financial institutions prior to making payment and give them our company ID # u626001445 to allow the upcoming transaction.

How long does it take to process payments?

Normally, payments should be processed within three to five business days of the transaction.

How should securities and tangibles be remitted and what information is required?

Please refer to the complete reporting guide to remit all other property.

Securities

Click any of the following questions to view the answer.

How do I determine if a security is worthless?

A security becomes totally worthless when it has no value or no potential value. Evidence of worthlessness must clearly indicate no probability of realizing anything of value for the security from a sale, liquidation or otherwise. A security is considered worthless if the cost of selling or disposing the security is greater than the value of the security.

We will not accept worthless, restricted or nontransferable securities. Hold these securities until they either have value or can be delivered.

Are physical certificates accepted?

Physical certificates are accepted only if they cannot be sent DTC, DWAC or DRS. Our custodian must be notified two (2) business days prior to sending. Certificates received without proper notification will be returned. No Certificates will be accepted that require fees to be paid for by the State of Tennessee.

How do I deliver non-publicly traded securities?

Non-publicly traded securities can be managed by our custodian. We will work directly with the reporting company to process transfers and claims. Understand that if multiple owners are being reported, and one comes forward to claim their shares, that owners portion will have to be completely detached from the escheated number of shares and returned to claimant.

The State does offer a buy back after 36 months of reporting. If your security cannot be purchased by the entity or publicly sold we will have to be the custodians until the securities are claimed. This does cause our interests to become greater as the securities are reported.

Contact UPCH.Custody@avenuinsights.com for guidance delivering non-publicly traded securities.

 

Do I need to set up another account for the Holding Company and report unclaimed property, which will be stock, under the Holding Company rather than the bank?

It does not matter where the account resides as long as it is related to the Unclaimed Property for the State of Tennessee.

If the shares can easily be transferred and/or liquidated once in the State’s name, we can register the security under the State’s nominee name and book the shares as (NIB) Not In Bank. This way, the State has a record of receiving the shares and can easily transact when authorization to do so is received.

Since we are not publicly traded and cannot deliver shares through DTC, do we need to follow the instructions for delivering as Book Entry?

  1. With Book Entry – do you prefer that shares reside in the books of the company and you can issue a statement, or are they going to be held with the Transfer Agent? (The answer to this question will determine how to deliver)
  2. If they are going to be held with the Transfer Agent, please provide the name of the Transfer Agent.
  3. There is a physical certificate issued. Do we need to cancel that certificate and issue it in the name of Music City & Co. C/O Avenu Insights & Analytics?

If the shares can easily be transferred and/or liquidated once in the State’s name, we can register the security under the State’s nominee name and book the shares as (NIB) Not In Bank. This way the State has a record of receiving the shares and can easily transact when authorization to do so is received.

  1. Provide the cusip # if there is one assigned to the stock
  2. Provide the market value/per share price for the stock

How do I report withholding from IRAs?

NAUPA Holder Reporting Recommendations for Unclaimed IRAs
On January 1, 2020, The Internal Revenue Service’s Revenue Ruling 2018-17 went into effect concerning withholding and reporting taxes with respect to payments from Individual Retirement Accounts (“IRAs”) to state unclaimed property programs. Holders reporting these properties should make use of the NAUPA Standard Deduction and Withholding code “TW” to represent “Income Tax Withheld.”

For more information related to the NAUPA reporting standard, please visit: https://unclaimed.org/wp-content/uploads/NAUPAStandardElectronicFileFormat-11.20.19.pdf

How do I submit/report a certificate that cannot be registered to your nominee name?

The securities that have no value and/or cannot be registered to our FEIN should not be reported or delivered to the State. If the restrictions are lifted and the security restores its value, then it should be reported on the next submitted report.

If you need clarification that the security is non-reportable, a list of questionable securities can be emailed to ucp.mutualfunds@tn.gov. The email response can be used for auditors, and the Broker will not be penalized for not reporting.

How do I report securities that cannot be held or managed by your custodian?

All reported securities must be held or managed by our custodian. Exceptions are only considered if given direct approval prior to reporting by our office. A monthly or no less than quarterly statement for all securities is a requirement to this exception. Any securities reported without prior approval will be refused and returned to the custody of the Reporting Holder.

When should I deliver the reported securities?

You should deliver the securities when your report is complete. Upload the report through ReportItTN after receiving confirmation that the securities have been approved. You will be asked to enter the deposit date in order to upload your completed report.