Uniform Unclaimed Property Act Law and Legal Definition

Uniform Unclaimed Property Act was drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 1981. It was later revised in 1995. This act provides a system for transferring intangible personal property and personal property in safety deposit accounts, held by an entity other than the rightful owner, to the state when it is deemed abandoned by the rightful owner. The state holds the property for the rightful owner in perpetuity. This act supersedes the Uniform Disposition of Unclaimed Property Act of 1954 and the Uniform Unclaimed Property Act of 1981.

This act has been adopted by many states in the U.S. like Alabama, Arizona, Arkansas, Hawaii, Indiana, Kansas and Louisiana. It was adopted by Mississippi and South Carolina in 2010.