[StBernard] Unclaimed Property Update

[Westley Annis]

UNCLAIMED PROPERTY UPDATE

  October 10, 2007

 	  	  	 
Inside This Issue	 

	

	*	A Message From State Treasurer John Kennedy
	*	Unclaimed Property Q & A
	*	La. Residents Should Check Newspapers to See How Much of $27
Million Belongs to Them
	*	October 31 Marks Deadline for Businesses to Report Unclaimed
Property
	*	Central Louisiana Residents Owed $7.1 Million in Unclaimed
Property

 	 
 	 
A Message From State Treasurer John Kennedy

 	 
 	 Act 320 of the 2007 Regular Session of the Legislature provides
that the state will automatically transfer $15 million in unclaimed property
collections each year to the Unclaimed Property Leverage Fund for future
appropriations for the construction of I-49 North and South.  The monies
appropriated from this fund can be used for direct costs of I-49 or to pay
for bonds for the project.

This is great news for Louisiana, because I-49 is the single most important
infrastructure and economic development project in the state.  The
interstate will provide an economic development corridor from our ports in
the south all the way north to Canada.

This new law will not take anyone's unclaimed property or change the state's
promise to return it.  It simply directs that $15 million that is already
going into the General Fund each year will be used for I-49 until the owners
of the unclaimed property claim it.  The full faith and credit of the state
of Louisiana will still stand behind its obligation to return this unclaimed
property, just as it does now. 

 	 
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Unclaimed Property Q & A

 	 
 	 
Q:  What happens if a participant in a class action lawsuit or settlement
hasn't collected his or her proceeds after a certain period of time?


 


A:  The state's unclaimed property law also applies to courts,
administrators and attorneys involved in class action lawsuits and
settlements relating to Louisiana residents.  If a member of a class action
lawsuit has not collected his or her proceeds one year after the
distribution date, the money is presumed abandoned and must be turned over
to the state for safekeeping.  







 	 
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La. Residents Should Check Newspapers to See How Much of $27 Million Belongs
to Them

 	 
 	 
Louisiana residents should check the legal notices section of their local
newspapers the week of October 8 for a listing of 81,726 individuals who are
each owed a portion of nearly $27 million, according to State Treasurer John
Kennedy. 

By law, the Treasury must publish on an annual basis in newspapers across
the state the names of individuals or organizations for whom money has been
collected in that particular year.  Local newspapers will list the names of
individuals from that area who are owed unclaimed property.  Individuals can
claim their money by logging on to www.latreasury.com  or by calling the
Treasury's toll-free nationwide hotline at 1-888-925-4127 (weekdays 8:00
a.m. to 4:30 p.m.).  

A driver's license and some other form of identification with a Social
Security Number are needed to make a claim.  Unclaimed property claims worth
$250 and above must be notarized, but if a claim is $249 or under, the
entire process including uploading documentation and claim forms can be done
completely online at www.latreasury.com <http://www.latreasury.com/> .   




 	 
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October 31 Marks Deadline for Businesses to Report Unclaimed Property

 	 
 	 October 31 is the deadline for private businesses, financial
institutions and public organizations to comply with Louisiana's unclaimed
property law and turn over money, securities and other intangible personal
property to the state.  Each year, holders must file unpaid debts or
undelivered securities with the state after a certain length of time,
depending on the type of unclaimed property.

The types of unclaimed property that businesses and organizations must
report before November 1 include:


ONE-YEAR HOLDING PERIOD


Deposits held by utilities, court ordered refunds, dissolutions, property
held by courts and public agencies, proceeds of a class action lawsuit,
wages and payroll


TWO-YEAR HOLDING PERIOD


Rents, royalties, mineral proceeds and proceeds from demutualization


THREE-YEAR HOLDING PERIOD


Reaching limiting age under mortality table (life insurance), funds owed
under life or endowment insurance policy, money or credits owed to a
customer from a retail business transaction, gift certificates, shares or
mutual investment certificates, dividends (stock or cash), stocks or other
intangible ownership interests       


FIVE-YEAR HOLDING PERIOD


Bank money orders, bonds, cashier checks, certified checks, checks, drafts
or similar instruments, demand, savings or matured time deposits, fiduciary
capacity, intangibles from a safe deposit box, all other intangible property


SEVEN-YEAR HOLDING PERIOD


Express money orders or similar instruments


FIFTEEN-YEAR HOLDING PERIOD


Travelers' checks

 

Examples of unclaimed property holders include but are not limited to
business associations, corporations, banks, sole proprietors, public
agencies, organizations (both profit and non-profit), and insurance
companies that have money belonging to someone else that is subject to
unclaimed property law.   

All unclaimed property reporting requirements and forms are available online
at www.latreasury.com. Click on "Holder Information" under the "Unclaimed
Property" section of the website. The website also has instructions for
transferring stocks and securities with an unclaimed property report. If a
company prefers a hard copy report, contact the Treasury toll-free at
1-888-925-4127.  

 

 	 
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Central Louisiana Residents Owed $7.1 Million in Unclaimed Property

 	 
 	 Did you know that the Treasury's Unclaimed Property Division has
roughly $7.1 million in unclaimed  property belonging to central Louisiana
residents?  Some of these lucky individuals include:


Avoyelles Parish	 		
Tillman in Marksville	 	$1,064.39 	
Anna in Bunkie	 	$4,859.62 	
			
Catahoula Parish	 		
Janelle in Sicily Island	 	$574.08 	
Ann in Sicily Island	 	$1,000.00 	
			
Concordia Parish	 		
Joyce in Vidalia	 	$8,672.40 	
Robert in Ferriday	 	$1,609.68 	
			
Grant Parish	 		
Mary in Pollock	 	$1,732.15 	
Winburn in Colfax	 	$1,382.97 	
			
LaSalle Parish	 		
Micah in Jena	 	$726.40 	
Cecyle in Urania	 	$566.45 	
			
Rapides Parish	 		
John in Alexandria	 	$1,819.06 	
Thomas in Pineville	 	$960.67 	
			
Vernon Parish	 		
Loron in New Llano	 	$1,616.67 	
Allen in Fort Polk	 	$1,252.00 	
			
Winn Parish	 		
Lawrence in Winnfield	 	$1,052.97 	
Marcus in Joyce	 	$841.00 	

To see if you have unclaimed property in Louisiana, log on to
www.latreasury.com  today.                                            

 

 

 	 
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Search our database of $330 Million in Unclaimed Property at
www.latreasury.com <http://www.latreasury.com/> 

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