Louisiana Revised Statutes 6:749 – Prescription on savings accounts
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Terms Used In Louisiana Revised Statutes 6:749
- Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
- Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
(1) All claims shall prescribe on any inactive savings account, provided that at least sixty days before any such claim shall prescribe the association shall have mailed by certified or registered mail a notice of the imminent prescription of all claims to the holder of such account at his last known address.
(2) For the purposes of this Section, “inactive savings account” shall mean a savings account with respect to which there has been in absence for at least ten years of:
(a) Additions to the account, other than crediting of earnings;
(b) Withdrawals from the account; and
(c) On which an association has no address and is unable to communicate with the holder.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.