§154. Presumptions of abandonment
A. Property is presumed abandoned if it is unclaimed by the apparent owner during
the time set forth below for the particular property for the following:
(1)Travelers check, fifteen years after issuance.
(2)Money order, seven years after issuance.
(3)(a) Stock or other interest in a business association, including a debt obligation
other than a bearer bond or original issue discount bond, if either of the following applies:
(i)Three years after the earlier of the date of an unpresented instrument issued to pay
interest or a dividend or other cash distribution, or the date of issue of an undelivered stock
certificate issued as a stock dividend, split, or other distribution.
(ii)If a dividend or other distribution has not been paid on the stock or other
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§154. Presumptions of abandonment
A. Property is presumed abandoned if it is unclaimed by the apparent owner during
the time set forth below for the particular property for the following:
(1) Travelers check, fifteen years after issuance.
(2) Money order, seven years after issuance.
(3)(a) Stock or other interest in a business association, including a debt obligation
other than a bearer bond or original issue discount bond, if either of the following applies:
(i) Three years after the earlier of the date of an unpresented instrument issued to pay
interest or a dividend or other cash distribution, or the date of issue of an undelivered stock
certificate issued as a stock dividend, split, or other distribution.
(ii) If a dividend or other distribution has not been paid on the stock or other interest
for three consecutive years, or the stock or other interest is held pursuant to a plan that
provides for the automatic reinvestment of dividends or other distributions, three years after
the date of the second mailing of a statement of account or other notification or
communication that was returned as undeliverable, or after the holder discontinued mailings
to the apparent owner, whichever is earlier.
(b) Any dividend, profit, distribution, interest, redemption, payment on principal, or
other sum held or owing by a business association for or to a shareholder, certificate holder,
member, bond holder, or other security holder, who has not claimed it, or corresponded in
writing with the business association concerning it, within three years after the date
prescribed for payment or delivery.
(4) A demand, savings, or matured time deposit, including a deposit that is
automatically renewable, five years after the earlier of its maturity or the date of the last
indication by the owner of interest in the property; however, property that is automatically
renewable is deemed matured for purposes of this Section upon its initial date of maturity,
unless the owner has consented to a renewal at or about the time of the renewal and the
consent is in writing or is evidenced by a memorandum or other record on file with the
holder. However, no property under this Paragraph shall be presumed abandoned if a
banking or financial organization has forwarded a statement or other written communication
to the owner within the preceding ninety days with regard to the property at the owner's last
known address and the statement or communication has not been returned to the banking or
financial organization as undeliverable or unclaimed by the forwarding agent.
(5) Money or credits owed to a customer as a result of a retail business transaction,
three years after the obligation accrued.
(6) Gift certificate, three years after December thirty-first of the year in which the
certificate was sold.
(7) Amount owed by an insurer on a life or endowment insurance policy or annuity
contract that has matured or terminated, three years after the obligation to pay arose or, in the
case of a policy or contract payable upon proof of death, three years after the insured has
attained, or would have attained if living, the limiting age under the mortality table on which
the reserve is based.
(8) Property distributable by a business association in a course of dissolution, one
year after the property becomes distributable.
(9) Property received by a court as proceeds of a class action, and not distributed to
members of the class, one year after the distribution date.
(10) Property held by a court, state or other government, governmental subdivision
or agency, public corporation, or other public authority, one year after the property becomes
distributable, except as provided in R.S. 15:86.1.
(11) Wages or other compensation for personal services, one year after the
compensation becomes payable.
(12) Deposit or refund owed to a subscriber by a utility, one year after the deposit
or refund becomes payable.
(13) Property in an individual retirement account or other account or plan that is
qualified for tax deferral under the income tax laws of the United States, three years after the
earliest of the date of the distribution or attempted distribution of the property, the date of
the required distribution as stated in the plan or trust agreement governing the plan, or the
date, if determinable by the holder, specified in the income tax laws of the United States by
which distribution of the property must begin in order to avoid a tax penalty.
(14) Mineral proceeds, two years after the property is payable or distributable.
(15)(a) Funds in an education savings account established in accordance with the
Louisiana Student Tuition Assistance and Revenue Trust Program as provided in Chapter 22-A of Title 17 of the Louisiana Revised Statutes of 1950 during any five-year period
subsequent to the beneficiary's thirty-fifth birthday.
(b) Funds in an education savings account established in accordance with the
Louisiana Student Tuition Assistance and Revenue Trust Kindergarten Through Grade
Twelve Program as provided in Chapter 22-B of Title 17 of the Louisiana Revised Statutes
of 1950 during any five-year period subsequent to the beneficiary's twentieth birthday.
(16) Funds in a sports wagering account if there has been no activity within three
years after the last date the account owner did any of the following: placed a wager,
deposited funds, withdrew funds, or provided credentials to log into the account.
(17) Property distributable in the course of a demutualization, rehabilitation, or
related reorganization of an insurance company, two years after the date of the
demutualization or other event covered in this Paragraph if, at the time of the
demutualization or other event covered in this Paragraph, the last known address of the
owner on the book and records of the holder is known to be incorrect, or distributions or
statements are returned by the post office as undeliverable, and the owner has not
communicated in writing with the holder or its agent regarding the interest, or otherwise
communicated with the holder regarding the interest as evidenced by a memorandum or other
record on file with the holder or its agent.
(18) Checks drawn on a campaign account pursuant to R.S. 18:1505.2 for the return
of campaign contributions made in excess of contribution limits, twelve months from the
date of the check if not negotiated.
(19) All other property, five years after the obligation to pay or distribute the
property arises.
B. At the time that an interest is presumed abandoned under Paragraph (A)(3) of this
Section, any other property right accrued or accruing to the owner as a result of the interest,
and not previously presumed abandoned, shall also be presumed abandoned.
C.(1) Property is unclaimed if, for the applicable period of time set forth in
Subsection A of this Section, the apparent owner has not communicated, in writing or by
other means reflected in a contemporaneous record prepared by or on behalf of the holder,
with the holder concerning the property or the account in which the property is held, and has
not otherwise indicated an interest in the property. A communication with an owner by a
person other than the holder or its representative who has not in writing identified the
property to the owner shall not be an indication of interest in the property by the owner.
(2) Property is unclaimed for purposes of Paragraph (A)(15) of this Section if, for
the applicable period of time set forth in Paragraph (A)(15) of this Section, the education
savings account owner has not communicated, in writing or by other means reflected in a
contemporaneous record prepared by or on behalf of the holder, with the holder concerning
the account in which the funds are held, and has not otherwise indicated an interest in the
funds and the beneficiary of the account has not requested a disbursement of any of the funds
for qualified higher education expenses. A communication with an owner by a person other
than the holder or its representative who has not identified the account in writing to the
owner shall not be an indication of interest in the property by the owner.
D. An indication of an owner's interest in property includes the following:
(1) The presentment of a check or other instrument of payment of a dividend or other
distribution made with respect to an account or underlying stock or other interest in a
business association or, in the case of a distribution made by electronic or similar means,
evidence that the distribution has been received.
(2) Owner-directed activity in the account in which the property is held, including
a direction by the owner to increase, decrease, or change the amount or type of property held
in the account.
(3) The making of a deposit to or withdrawal from a bank account, including any
one-time or recurring automatic clearing house transaction, or any other electronic
transaction that is owner-directed or otherwise authorized by the account owner.
(4) The payment of a premium with respect to a property interest in an insurance
policy; however, the application of an automatic premium loan provision or other
nonforfeiture provision contained in an insurance policy does not prevent a policy from
maturing or terminating if the insured has died or the insured or the beneficiary of the policy
has otherwise become entitled to the proceeds before the depletion of the cash surrender
value of a policy by the application of those provisions.
(5) The accessing of a deposit account by the owner through the website or other
restricted electronic access point of the banking or financial organization.
E. Property shall be payable or distributable for purposes of this Chapter notwithstanding the owner's failure to make demand or present an instrument or document otherwise
required to obtain payment.