Why Does Arkansas Have an Unclaimed Property Law?
Arkansas’s Unclaimed Property Act protects unclaimed property and returns it to its rightful owners or their heirs. The state auditor takes custody of the property so the owner may claim it, even if the original holder (like a financial institution) is no longer in business. The law also centralizes the search for lost property. Arkansas citizens trying to locate forgotten bank accounts and other property need only look in one place: the Unclaimed Property Division of the Arkansas Auditor’s Office.
