Tennessee Due Diligence Information Request
Description
How to fill out Due Diligence Information Request?
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FAQ
The legislation provides specific guidelines on due diligence for the holder of the property. Holders of the property presumed abandoned shall send a notice to the owner: For all property with a value of $50 or more. By first-class mail 60?180 days before filing the report.
Tennessee considers it abandonment when a parent leaves a child in the care of another for 18 months or longer without providing for the child's welfare or health. Life is complicated and the legal definition of abandonment may in reality not be abandonment at all.
You must submit an annual report to ReportItTN.gov each year if there is unclaimed property to report. Holders of unclaimed property must prepare a report that meets all NAUPA specifications and submit it using our online portal, ReportItTN.gov.
Most property types in Tennessee have a dormancy period of three years. For most property types, accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.
In Tennessee, someone may claim title after seven years (or 20 years without color of title) if they satisfy the following requirements: Must enter the land without the owner's permission (hence the term "adverse"); Must actually be on the land, using and caring for it as if it were his or her own;
Due diligence consists of mailing a first class letter to the owner. The purpose of the letter is to give the owner the opportunity to collect the funds from you and relieve you of the liability to have to report and remit the funds to the Unclaimed Property Division.
§§ 66-29-101-155 is the Tennessee Unclaimed Property Act. The act requires all holders of unclaimed or abandoned property to report and transmit all unclaimed property to the state. All reports must be filed electronically in an accepted format. The Department of Treasury has free software available on their website.
