TN Treasurer returns over $80,000 in Unclaimed Property to City of Memphis

TN Treasurer returns over $80,000 in Unclaimed Property to City of Memphis
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State Treasurer David H. Lillard, Jr. this week returned $80,349.69 in Unclaimed Property to Memphis Mayor Paul Young on behalf of the City of Memphis.
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Unclaimed property is money turned over to the State by businesses and organizations that were unable to locate the rightful owner. The Unclaimed Property Division is a consumer protection program of the Tennessee Department of Treasury that works to reunite the millions of missing dollars turned over every year with its rightful owners.
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The money returned to the City of Memphis represents 182 unclaimed properties, which included vendor checks, refunds, accounts receivable credit balances, bank cashier's checks, and insurance benefits. The funds were turned over to the State during the past year.
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Legislation passed by the General Assembly in 2017 allows for greater efficiency in reporting and returning unclaimed property to Tennesseans. Included in this law is a provision Treasurer Lillard is particularly proud of, allowing his office to return missing money to local governments and Tennessee schools without requiring them to file a claim.
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Each year, businesses turn over thousands of unclaimed properties to the State. Last year, there were more than a million pieces of property turned over from businesses. The Unclaimed Property Division returned 78,305 claims, totaling $62.6 million, to the rightful owners during fiscal year 2024. In Shelby County, there are over 1.54 million instances of Unclaimed Property, totaling more than $133.9 million, waiting to be claimed.
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"I am grateful to our General Assembly for supporting the Unclaimed Property program, giving Treasury the ability to proactively put money back into the hands of local governments," Treasurer Lillard said. "The support of these legislators has allowed us to increase efficiency and return more money to your communities." Anyone can see if they are owed any missing money by searching their name at ClaimItTN.gov and may file a claim online if they find unclaimed property belonging to them.
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