Louisiana Revised Statutes 9:155 – A. Intangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder’s business, and proceeds resulting from the sale
Terms Used In Louisiana Revised Statutes 9:155
- Holder: means a person obligated to hold for the account of, or deliver or pay to, the owner of property that is subject to this Chapter. See Louisiana Revised Statutes 9:153
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Owner: means a person who has a legal or equitable interest in property subject to this Chapter or the person's legal representative. See Louisiana Revised Statutes 9:153
- Property: means a fixed and certain interest in intangible property that is held, issued, or owed in the course of a holder's business, or by a government or governmental entity, and all income or increments therefrom. See Louisiana Revised Statutes 9:153
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States. See Louisiana Revised Statutes 9:153
A. Intangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder‘s business, and proceeds resulting from the sale of the property permitted by other law, shall be presumed abandoned if it remains unclaimed by the owner for more than five years after expiration of the lease or rental period on the box or other depository.
B.(1) Military medals and all associated documents held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder’s business shall be presumed abandoned if it remains unclaimed by the owner for more than five years after expiration of the lease or rental period on the box or other depository.
(2) Military medals and all associated documents presumed abandoned pursuant to this Subsection shall be forwarded by the holder to the Louisiana Department of Treasury, unclaimed property division.
(3) The Louisiana Department of Treasury, unclaimed property division, may enter into an agreement with the Louisiana Department of Veterans Affairs whereby the Department of Veterans Affairs may store and locate the appropriate owners for the return of the abandoned military medals and all associated documents.
Acts 1986, No. 829, §1, eff. July 10, 1986; Acts 1997, No. 809, §1, eff. July 10, 1997; Acts 2019, No. 439, §1, eff. July 1, 2019.