Terms Used In Louisiana Revised Statutes 9:175

  • Administrator: means the state treasurer. See Louisiana Revised Statutes 9:153
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • 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
  • 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
  • Person: means an individual, business association, estate, trust, partnership, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. 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.  The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence.  The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in La. Rev. Stat. 9:172.  The administrator by rule may require the reporting of information needed to enable compliance with an agreement made under this Section and prescribe the form.

B.  The administrator may join with another state to seek enforcement of this Chapter against any person who is or may be holding property reportable under this Chapter.

C.  At the request of another state, the attorney general of this state may maintain an action on behalf of the other state to enforce, in this state, the unclaimed property laws of the other state against a holder of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the attorney general in maintaining the action.

D.  The administrator may request that the attorney general of another state or another attorney commence an action in the other state on behalf of the administrator.  With the approval of the attorney general of this state, the administrator may retain any other attorney to commence an action in this state on behalf of the administrator.  This state shall pay all expenses, including attorney fees, in maintaining an action under this Subsection.  With the administrator’s approval, the expenses and attorney fees may be paid from money received under this Chapter.  The administrator may agree to pay expenses and attorney fees based in whole or in part on a percentage of the value of any property recovered in the action.  Any expenses or attorney fees paid under this Subsection may not be deducted from the amount that is subject to the claim by the owner under this Chapter.

Acts 1986, No. 829, §1, eff. July 10, 1986; Acts 1997, No. 809, §1, eff. July 10, 1997.

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