TN treasurer returns $9,400 in unclaimed property to Cocke County

Senator Steve Southerland (R.-Morristown) joined State Treasurer David H. Lillard, Jr. Wednesday to return $9,414.39 in unclaimed property to County Mayor Rob Mathis on behalf of Cocke County government.

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.

The money returned to Cocke County represents 50 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.

"We are certainly very grateful to the state for returning these funds," Mayor Mathis said. "We will put this money to the best possible use for the betterment of Cocke County and to help our government work better for our people."

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 allowing the treasurer's office to return missing money to local governments and Tennessee schools without requiring them to file a claim.

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 50,337 claims, totaling $57.8 million, to the rightful owners during fiscal year 2022. There is currently over $1.2 billion waiting to be claimed. In Cocke County, there are over 30,000 instances of unclaimed property, totaling more than $1.9 million waiting to be claimed.

"Each year, my office sends out letters to constituents of District 1 to try and help get their missing money back to them," said Southerland. "Lots of times people think it's a scam, but we assure them it's a real program that works on their behalf."

"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," Lillard said. "The support of these legislators has allowed us to increase efficiency and return more money to your communities."