Unclaimed Property Rules and Time Limits for Wyoming
Learn the unclaimed property rules and their time limits for the state of Wyoming.
In Wyoming, all things relating to unclaimed property are handled by the Unclaimed Property Division of the Wyoming Office of the State Treasurer.
- As a business owner, this will be the agency to contact if you possess unclaimed property (unpaid wages, for example). Remember that you are subject to both reporting requirements and the obligation to turn over abandoned property to the state.
- It is also the point of contact if you believe that you may have knowingly, or unknowingly, abandoned property (for example, failing to get back a security deposit, didn't receive a tax refund).
Wyoming businesses have a number of responsibilities concerning unclaimed property. Initially, written notice must be sent to the apparent owner of the unclaimed property, if known. If the property remains unclaimed, businesses have a number of filing and reporting requirements to fulfill. Most importantly, businesses are required to turn over any and all unclaimed property to the state. Stiff penalties apply to businesses who fail to comply with any of these requirements.
Individuals should know that Wyoming property is generally presumed abandoned after one to 15 years of inactivity by the owner of the property. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
Reporting Unclaimed Property in Wyoming
In Wyoming, a business holding property deemed abandoned must report the property as of June 30 to the Office of the State Treasurer by November 1. The Treasurer may extend the time to file the report upon written request.
The report must include the following information:
- the name, if known, and last known address of the owner of any property valued at $50 or more except traveler's checks and money orders;
- in the case of insurance corporations holding unclaimed funds of $50 or more under an insurance policy or annuity contract, the full name of the insured or annuitant and beneficiary and the last known address appearing on the corporation's records;
- in the case of the contents of a safe deposit box, a description of the property and the place where it may be inspected;
- a description of the property, including any identifying number, and the amount due, with items valued under $50 reported in the aggregate;
- the date the property became payable, demandable, or returnable;
- the date of the last transaction with the owner with respect to the property;
- all known names and previous addresses of prior holders of the property; and
- any other information required by the Treasurer.
Prior notice to owner. A holder must send a written notice to the apparent owner at the owner's last known address within 120 days before filing the report if the property has a value of $50 or more.
Delivery. Along with the report, the holder must pay or deliver all of the unclaimed property shown on the report to the Treasurer. With the prior consent of the Treasurer, the holder may deliver property before it is presumed abandoned.
Recordkeeping. A business must generally maintain related records five years after the unclaimed property is reported. However, the period is three years for traveler's checks, money orders, and similar financial instruments.
Penalties. a holder who willfully fails to file a report when due or to perform any other duty under the unclaimed property provisions is liable for a penalty of $100 per day.
Claiming Unclaimed Property in Wyoming
In Wyoming, property is generally presumed abandoned after one to 15 years of inactivity by the owner of the property. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
Locating abandoned property held by the state. Unclaimed property held by the state may be found by searching the state's website (http://treasurer.state.wy.us/upsearch.asp).
To find out if other states may be holding your unclaimed property, search the national database established by the National Association of Unclaimed Property Administrators (NAUPA).
Filing a claim. Any person claiming an interest in property delivered to the Office of the State Treasurer may file a claim on a form prescribed by the Treasurer. The owner may claim the principal amount turned over to the state.
Unlike most other states, the Wyoming unclaimed property claims process is not dependent on performing an online search (http://treasurer.state.wy.us/upsearch.asp). Whether you find your name online or opt to have the Treasurer perform a complete name search, you must call the Unclaimed Property Division (307-777-5590) or write them at:
Wyoming Unclaimed Property
2515 Warren Avenue, Suite 502
Cheyenne, WY 82002
To insure speedy processing of the search, include the following information with your request:
- Name appearing on the Treasurer's website (http://treasurer.state.wy.us/upsearch.asp) or the name about which you are inquiring
- If you are requesting a search for someone other than yourself, is that person living? Yes OR No
- Your name
- Daytime telephone number with area code
- Mailing address
- Zip code
- Comments (optional)
The Treasurer's office will contact a claimant on how to proceed if their search turns up unclaimed property. Once submitted, the Treasurer must give a written decision within 90 days after the filing of the claim if the claim is denied.
A person dissatisfied with a decision or whose claim has not been acted upon within the 90 days may bring an action in the district court where the claimant resides or in the District Court of Laramie County to establish the claim. The action must be filed within 90 days of the decision or, if the claim was not acted upon, within 180 days of filing the claim.
Wyoming Unclaimed Property Resources
If you're looking for additional information on unclaimed property, we recommend contacting your state's governmental agency that oversees the administration of this area of the law. For help in answering a specific unclaimed property question in Wyoming, contact the following:
Wyoming Office of the State Treasurer
Unclaimed Property Division
2515 Warren Avenue, Suite 502
Cheyenne, WY 82002
Phone: (307) 777-5590
Fax: (307) 777-5430
Wyoming Abandoned Property Time Limits
Each state has rules that specify the amount of time that must elapse before unclaimed property is considered to be abandoned. The amount of time varies with the type of property. The chart below specifies the time period for various classes of property.
|Property Type ||Presumed Abandoned After |
|Bank account ||five years |
|Checks or drafts ||five years |
|Demutualization proceeds ||no specific provision |
|Gift certificates, gift cards, and credit memos ||Gift certificates and credit memos over $100: three years |
|Insurance policies ||Life or annuity policies: five years.
The presumed maturity of an insurance policy is two years.
|IRAs or retirement funds ||IRAs, SEPs, and similar plans: three years. |
|Money orders ||Seven years |
|Other intangible personal property not otherwise specified ||Litigation awards or settlements: six months.
Mineral proceeds and property originated or issued by an entity in the state: three years.
Other property: five years.
|Proceeds from class action suits ||six months |
|Property distributable by a business association in the course of dissolution ||six months |
|Property held by courts or public agencies ||one year |
|Property held by fiduciaries ||five years |
|Safe deposit boxes ||five years |
|Shares in a financial institution ||five years |
|Stocks, dividends, and distributions ||three years |
|Traveler's checks ||15 years |
|Deposits and advances owed utility company customer ||Deposits, refunds, and advances: five years. |
|Wages or salaries ||one year |