Posted on May 7, 2018 by T.Goodyear |
House Bill 851 is currently being considered as an amendment to the Louisiana Uniform Unclaimed Property Act to include a permanent escheat clause. The language looks to place a limit on the number of years (30) an owner can file a claim for property that has been reported to the state. This is a good bill to watch as there are also a number of other states considering actions such as this, most notably Hawaii. Historically, states have been required to hold unclaimed funds in perpetuity; and while they may use the funds (and many often do) during the holding period before a claim is made, the owner (or heirs) has always been able to claim his/her property at any time.
As states look to pad their coffers with unclaimed funds, this type of legislation may become more common. Stay tuned to the JMS Blog for more interesting & relevant legislative developments. Contact us with any questions you may have about escheat & unclaimed property.