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Showing posts from October, 2020

Unclaimed Property on the Ballot in Louisiana

Constitutional Amendment Would Create Unclaimed Property Trust Fund to Pay Claims You may not have heard, but this year is an election year. In addition to contests at the federal, state, and local level there is a constitutional amendment on the ballot in Louisiana relating specifically to unclaimed property. Louisiana Amendment 7 would create a permanent trust fund expressly earmarked to pay unclaimed property claims. The proposed amendment would require the State Treasurer to annually deposit, into a dedicated fund, net unclaimed property receipts (after deductions for certain expenses and statutory allocations) until such time all of the state’s potential unclaimed property liabilities are funded. The specific language on the ballot is as follows: Do you support an amendment to create the Louisiana Unclaimed Property Permanent Trust Fund to preserve the money that remains unclaimed by its owner or owners? 2020 Louisiana Act 38, Section 4. This amendme