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Unclaimed Property, Responsibilities, and Reporting

What is Unclaimed Property?

Any financial asset for which an owner has not generated activity during a period of time (see reporting requirements below). These assets may include uncashed checks, savings, checking, payroll (wages, bonuses, commissions), credit balances, money orders, customer deposits, travelers checks, stocks and bonds (uncashed dividends, interest checks, underlying shares principle), insurance proceeds, certificates of deposit, and other intangible interests or benefits.

Am I required to report and what are my responsibilities?

You are required to report unclaimed property to Montana if you hold property that meets the definition of unclaimed property. Below are a few examples of the most common unclaimed property and their dormancy periods. For a detailed list of unclaimed property and their dormancy periods, please click here. You are not required to file a report if you do not have any unclaimed property to remit to Montana. The holder of unclaimed property must send written notice to the apparent owner of property with a value exceeding $50, not more than 120 days or less than 60 days before filing the report.

Reporting Requirements for Property Presumed Abandoned

This list is not all inclusive. For a detailed list of unclaimed property and their dormancy periods, please click here.

(70-9-803, MCA)

1 Year

5 Years

Company dissolution

Stock or equity interest

Class action court judgment

Debt/interest payment

Court or government agency

Demand, savings of time deposit

Wages and bonuses

Contents of safe deposit boxes

Utility deposits from customers

Cashier's checks

 

Commissions

3 Years

 

Credit memo or refund

7 Years

Gift certificate

Money orders

Life insurance

 

IRA/earliest date of distribution

15 Years

 

Traveler's checks

4 Years

 

Stale state warrants

 

What other important reporting information I should be aware of?

  • The department will consider a dormancy charge (service charge) to be lawful only if a valid written and enforceable contract exists between the holder and the owner under which the holder may impose the charge. If the charge is regularly reversed or otherwise canceled, that charge must not be withheld from the payment to the State of Montana . (70-9-806, MCA)
  • All property must be reported and remitted. However, the detailed information regarding the unclaimed property owner is not required for items where the owner is unknown.
  • The holder of property presumed abandoned is required to file an affidavit with the report. The affidavit should attest that the holder has sent written notice-not more than 120 days or less than 60 days before filing the report-to the apparent owner of the property.

What type of report should I file?

Montana has three types of holder reports. They are as follows:

  • If you are a holder of unclaimed property other than unlocatable mineral property, you will file a holder report (UCH-1). Please note that you may not report unlocatable mineral property with other property on this report.
  • If you are a holder of unlocatable mineral property, you will file an unlocatable mineral property holder report (UCM-1). Please note that you may not report other property that is not unlocatable mineral property with this report.
  • If you are a holder of property located in a safe deposit box or other safekeeping depository, you will file a holder report (UCH-2).

What is my filing period and when are my reports due?

There are two different filing periods for Montana purposes. They are as follows:

  • The period of January 1 through December 31 is for life insurance companies. The report is due on May 1 of the following year.
  • The period of July 1 through June 30 is for non life insurance companies reporting unclaimed property as well as companies filing a report for unlocatable mineral property or safekeeping property. These reports are due on November 1 of that year.
  • A company reporting safekeeping property on November 1 may not deliver to the department the tangible property held in a safe deposit box other safekeeping depository until 60 days after the filing of the report.

May I file more than one report a year?

Yes, you may report more than once a year. In order to correctly process the additional reports as such, please indicate the report number in your electronic file or on line 4 of your paper report. Your original report will always be considered report #1.

What if I realize that there is an error in a report I have already submitted?

You may submit an amended return to correct and error in the original report. If you are amending a prior-period report on paper, check the box on line 4. Amended is defined as notification that the original report was inaccurate and the amended report replaces that report in its entirety.