2009-1
Unclaimed Property
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MCL 567.238 requires the report along with the unclaimed property to be filed with the State
Treasurer on or before November 1 of each year for the twelve month period ending on the
immediately preceding June 30. A 60 day extension is available after the deadline upon request.
However, failure to pay or deliver unclaimed property within the time prescribed by MCL
567.255 of the Act, subjects the person or unit to penalties and interest. Penalties and interest is
payable at the current monthly rate of 1 percent above the adjusted prime rate per annum per
month, (on the property or value of the property) from the date of the property should have been
paid or delivered.
Who should report?
The Uniform Unclaimed Property Act is silent as to what official has the responsibility to
complete the report and escheat unclaimed property to the State of Michigan. MCL 567.238
states, “the person holding property presumed abandoned and subject to the State’s custody as
unclaimed property under this Act shall report to the administrator (State Treasurer) concerning
the property as provided in this section.” However, in other statutory provisions, the local
governmental unit treasurer has the statutory responsibility as the custodian of all funds in the
local unit of government.
For example, outstanding checks, drafts or similar instruments not cashed for 90 days or older
that are payable in the General Fund should be transferred to the Trust and Agency Fund. The
Uniform Chart of Accounts requires that the amount of the outstanding checks that are
abandoned and to be escheated to the State be maintained in account number 268 “Escheatable
Money” within the Trust and Agency Fund. A detailed list would be maintained of the
transferred outstanding checks and then reconciled on a monthly basis as part of the bank
reconciliation process.
In a county, the county treasurer would have the responsibility to complete the report under MCL
567.238 as the person holding the property presumed abandoned and subject to the State’s
custody as unclaimed property under this Act. In the case of the county, a letter should be sent to
the various departments directing them to send all unclaimed outstanding checks over 90 days
old to the county treasurer for deposit into the Trust and Agency Fund as “Escheatable Money.”
For questions or additional information, please contact the Unclaimed Property Division at 517-
636-5320 or write:
Michigan Department of Treasury
Unclaimed Property Division
P.O. Box 30756
Lansing, Michigan 48909