What are unclaimed moneys?

Unclaimed money is defined as moneys in respect of deposits with, or securities of, the company, and dividends, bonuses, profits or other moneys payable to a member of a company, which have become legally payable by the company but the recovery whereof becomes barred by operation of the law.

When does recovery of moneys become barred at law? 

The Limitation Act governs the period for commencing legal proceedings. For actions based on contract or moneys held on account, the period is three (3) years. Thus moneys do not become unclaimed, until the expiration of this period.

What companies are required to lodge unclaimed moneys?

The Act only applies to a company whose head or principal office is in the Northern Territory. If the head or principal office is located in another State, then you should contact the relevant authority in that State.

What unclaimed moneys cannot be accepted by the Treasurer?

The Act does not apply to unclaimed moneys that are:

  • not in the nature of a deposit with or security of the company or, dividends, bonuses, profits or other money payable to a member of the company;

  • not held by a company (i.e. a natural person, partnership etc) or a company whose head or principal office is not located in the Northern Territory;

  • required to be lodged with another authority under a law of the Territory or of the Commonwealth. Common examples include unclaimed:

  • client accounts with banking institutions;

  • deceased estates

  • life insurance policies that have matured;

  • lottery prizes and internet and phone betting accounts;

  • superannuation moneys;

  • moneys for companies that have been deregistered; and

  • shares/acquisitions under the Corporations Act.

View contact details of authorities that administer these unclaimed moneys.