Frequently Asked Questions
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1. To whom do I make my remittance check payable?
Your remittance check should be made payable to the Wyoming State Treasurer, Unclaimed Property Division. Please prepare one check for each report you file.
2. Do I need to notarize my report?
No. The Verification and Checklist Form (WUP-1) should be completed and signed.
3. Are negative reports required?
No. Effective with the 2006 Annual Reporting Period, Negative Reports ($0.00 Reports) are no longer required.
4. What do I enter in the Verification for Period Ended blank on the Verification and Checklist Form (WUP-1)?
Enter June 30 of the current year.
5. I would like to deliver my report by courier. What is your street address?
The street address for courier deliveries is:
Wyoming Unclaimed Property Division
2515 Warren Avenue, Suite 502
Cheyenne, WY 82002
6. What is your DTC account number?
We currently do not have a DTC account. We require physical certificates. Please refer to our Reporting Manual for additional information.
7. I received unclaimed property reporting forms from other states. How should I report?
Unclaimed property should be reported to the state of last-known address of the missing owner. If the address is unknown, the property should be reported to the state where your company is incorporated.
8. What is an additional owner?
"Additional owner" is the term used by the Unclaimed Property Division to identify a co-owner(s) of a property. Provide only names, addresses, titles, and social security numbers when listing additional owners on your report. Amounts must not be listed for additional owners since they share in the amount due the primary owner.
9. Will you accept computer printouts in lieu of the approved reporting forms?
Computer listings will only be accepted if all required data fields are included on the printout, and in the same order, if possible. Property type codes must also appear on the printout.
10. May I make separate entries on my report for an owner who is due several different amounts?
No. Please total all amounts due each owner and enter a single grand total for each owner listed on your report.
11. Do we have to wait until November to remit the unclaimed accounts?
With written consent of the Unclaimed Property Director, you may remit and deliver property before the property is deemed unclaimed. Due diligence must have been performed prior to remitting the account, and justification must be provided when accounts are turned over before the abandonment date.
12. Who is the owner of a cashier's check, and how are they listed on the report?
Legally, the owner of an uncashed or unpaid cashier's check is the payee. While there may be an occasional circumstance where the remitter is in possession of the original uncashed check, and can prove that he or she is entitled to the funds, the consistent opinion rendered by the State Attorney General's Office is - the payee is the owner.
13. Are Trust Accounts reportable as unclaimed property?
Trust Accounts are reportable as unclaimed or abandoned property in several different ways:
| (a) |
If your institution is acting in a fiduciary capacity for another person, the property is presumed abandoned within five years after it has become payable or distributable. This may include intangible property and any income or increment derived from it (dividends, etc.).
If the owner has increased or decreased the principal, accepted payment of principal or income, or communicated concerning the property verbally or in writing, the Trust Account would be considered active. |
| (b) |
If a fiduciary account is being held by your institution but the agent or fiduciary has failed to distribute the principal or income or perform any of the tasks outlined in (a), within five years after it has become payable or distributable, it may be considered abandoned. Although your institution is not the fiduciary, you are responsible for observing the distribution dates for reporting purposes. |
| (c) |
An account established as a "trust account" under terms set out in a trust agreement which conveys instructions for distribution at death, maturity, majority, or some other specific distribution date, is considered abandoned five years after the date has passed if there has not been any activity by the owner or his/her designated representative to increase or decrease the principal or communicate with the holder as evidenced by a memorandum or other records. |
14. Are underlying shares reportable? If so, when do they become dormant?
Underlying shares are reportable as unclaimed property. They differ from other types of shares because a stock certificate was issued and received by the owner. These underlying shares are in certificate form and still in the owner’s possession.
Underlying shares become abandoned or dormant when three (3) years have elapsed without contact from the owner; or there have been at least three consecutive dividends paid or issued by the holder which have been uncashed by the owner.
15. Are book entry shares reportable? If so, when do they become dormant? Book entry shares are reportable as unclaimed property. They differ from other types of shares because a stock certificate was never issued to the owner. These underlying shares are in “book entry” form and still in the holder’s possession.
Book entry shares become abandoned or dormant when three (3) years have elapsed without contact from the owner; or there have been at least three consecutive dividends paid or issued by the holder which have been uncashed by the owner.
16. Are we supposed to report garnishments? How should they be listed on the report?Garnishments are reported if the money was held or set aside by a "Writ of Garnishment,"
but no further action occurred. Never report a garnishment account if legal action is pending. If no further action occurred, such as an order from the court for the defendant
to pay or a notice that the action is dissolved or terminated, then the funds should have been redeposited into the customer's account. This is the point at which a customer often becomes lost. The account (check) is reportable as unclaimed property five years after the last customer contact or activity. A garnished account or an account held as a result of a "Writ of Garnishment" should be reported with as much information as you can provide. Since at this point you are usually holding a cashier's check that has been taken from the owner's account it may be reported as follows:
| •Account Number |
•Plaintiff Name |
•Name and Place of Court |
| |
•Defendant Name |
•Court Number and Reason for Action |
Depending on the circumstances your information may vary; please provide as much information as possible.
| Always remember any account that has legal action pending should not be reported. |
17. What types of unclaimed property do insurance companies report to the Treasurer?
Insurance companies may hold many types of unclaimed property including, but not limited to, the following: uncashed claim payments, matured life policies, auto or home claims, death benefits, annuities, agent commissions, premium refunds, and cash with application.
18. When does a matured life insurance policy become unclaimed?
A matured life insurance policy becomes unclaimed two years after the policy matures (the insured reaches the contract age or contract date or insured reaches the limiting age under the mortality table upon which the reserve is based).
19. What can a holder do if an owner requests payment of funds previously reported to the Unclaimed Property Division?
The holder may either refer the owner to the Unclaimed Property Division to obtain a claim packet or make payment to the owner and then seek reimbursement from the Division. A copy of the “Holder Request For Reimbursement” form is included in this booklet. We strongly advise that the holder contact the Division to check on the account status prior to paying the customer. This contact may prevent a duplication of payment which may not be reimbursable to the holder.
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