Louisiana Revised Statutes 9:156 – Rules for taking custody
Terms Used In Louisiana Revised Statutes 9:156
- Apparent owner: means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owed by the holder. 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
- Money order: includes an express money order and a personal money order, on which the remitter is the purchaser. 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
- Statute: A law passed by a legislature.
Unless otherwise provided in this Chapter or by other statute of this state, property that is presumed abandoned, whether located in this or another state, shall be subject to the custody of this state if any of the following applies:
(1) The last known address of the apparent owner, as shown on the records of the holder, is in this state.
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state.
(3) The records of the holder do not reflect the last known address of the apparent owner and it is established that any of the following applies:
(a) The last known address of the person entitled to the property is in this state.
(b) The holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property.
(4) The last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide for the escheat or custodial taking of the property and the holder is a domiciliary or a government or governmental subdivision or agency of this state.
(5) The last known address of the apparent owner, as shown on the records of the holder, is in a foreign country and the holder is a domiciliary or a government or governmental subdivision or agency of this state.
(6) The transaction out of which the property arose occurred in this state, the holder is a domiciliary of a state that does not provide for the escheat or custodial taking of the property and the last known address of the apparent owner or other person entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property.
(7) The property is a traveler’s check, cashier’s check, teller’s check, or other official bank issued check, or money order purchased in this state, or the issuer of the traveler’s check, cashier’s check, teller’s check, or other official bank issued check, or money order has its principal place of business in this state and the issuer’s records do not show the state in which the instrument was purchased or show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property.
Acts 1986, No. 829, §1, eff. July 10, 1986; Acts 1997, No. 809, §1, eff. July 10, 1997; Acts 2009, No. 86, §1.