Abandoned Property Laws by State 2024

There are a lot of important issues that landlords and renters need to know, and one of the biggest relates to abandoned property. There are some situations where renters might forget certain items when they move. Then, there are other situations where the renter might have intentionally left something behind.

Landlords need to know what to do in this situation. They cannot always simply throw the item out, claim it for themselves, or sell it. Furthermore, the landlord needs to know what to do if the renter does not respond to attempts to return the item. The state laws related to abandoned property can vary significantly from state to state, so it is critical for landlords to stay up to date on all relevant guidelines.

What Do Typical Guidelines Look Like?

Typically, if the renter leaves certain items behind, the landlord is required to reach out to the renter to make contact and let the renter know that the property has been left behind. Not all states have regulations related to how the landlord must reach out to the renter, but a good faith attempt has to be made. Then, after the notice has been issued, the clock starts to tick.

Delaware, Maine, New Hampshire, and Nebraska have the shortest time for renters to pick up their abandoned property at just 7 days. Most states have a more reasonable ten to thirty day period to pick up abandoned property. Texas and Vermont give renters 60 days to pick up abandoned property, and Indiana has the longest period of 90 days. Rhode Island’s law says that landlords must keep the abandoned property for a “reasonable” amount of time. Many states require that the tenant must pay the storage cost accrued during this time.

Some states require that the renter contacts the landlord during the storage period to arrange a pickup time. Other states require the landlord to file a claim in court.

There is no statute in Colorado, Illinois, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New York, Ohio, or the District of Columbia. Some of these states suggest that a lease clause is included to set expectations for these situations. In those with explicit laws, Arkansas and Georgia do not require landlords to store any abandoned property.

Because local laws can vary and state laws can change, it is important for renters and landlords to get the most up-to-date information by contacting local and state agencies for the most current laws.

What Happens With Abandoned Securities?

On the other hand, abandoned securities are very different. This is a category of abandoned property laws that relates to unclaimed funds. Sometimes, a broker is responsible for managing securities on behalf of someone else. Then, when it is time for the securities to be transferred, the owner of the account might be hard to reach. Sometimes, they have even passed away. In this case, the securities might not be considered abandoned until several years have passed. Then, possession of those securities might pass to a government entity instead.