Unclaimed Property in Louisiana Key Terms

Learn a few terms associated with claiming and distributing unclaimed property in Louisiana

By Jason Wood

Unclaimed property in Louisiana comes in many forms, from pay roll checks to government bonds, to abandoned cars, boats, RVs and more. The Louisiana Department of the Treasury even has a separate division, the Division of Unclaimed Property, which handles the obtaining and distribution of these items.

Take a moment to learn about a few of the terms commonly associated with unclaimed property in Louisiana. Here are some of those terms along with some additional resources for further information.

Holding period

The holding period refers to the time period in which the holder in possession of the unclaimed property must report it to the appropriate authority. In Louisiana, this time period stretches from one year to 15 years depending on the nature of the property.
Try: Visit the website for the Louisiana Treasury Department for further information on the holding period required for certain unclaimed property items.

Prior notice to owner

The prior notice to owner refers to a document that must be sent by the holder to the person they believe owns the unclaimed property. This notice must be sent at least four months before filing the yearly report with the Louisiana Unclaimed Property Division of the Treasury Department.
Try: Visit Toolkit.com for additional information on unclaimed property within the state of Louisiana.

Positive proof of ownership

Positive proof of ownership refers to a verification method practiced within the state of Louisiana. Depending on the type of unclaimed property, the party making the claim through the Unclaimed Property Division must provide a social security number, matching address, tax return or other document in order to receive the property.
Try: Visit Real Estate Zing for further information on what constitutes positive proof of ownership according to Louisiana statutes.

Abandoned property report

The abandoned property report refers to a report that a business owner is required to file at least once per year detailing all unclaimed property in their possession worth more than $50. All known details such as potential owners of the property, contents and condition are to be included with this report. The report is filed with the Department of Unclaimed Property, which is a division of the state treasury department.
Try: Justia has further information on the requirements for the abandoned property report, including when it should be filed and what it must contain.

Abandoned property

Abandoned property has been left and unclaimed for a period of five years or longer according to the state of Louisiana. After the property is deemed abandoned and has remained unclaimed, the state will auction it off to the highest bidder.
Try: Visit the Discover Network for further information on what constitutes abandoned property within the state of Louisiana.

National Association of Unclaimed Property Administrators (NAUPA)

The National Association of Unclaimed Property Administrators is an organization that tries to collect, distribute and auction unclaimed property throughout the United States. Louisiana is a member of NAUPA, which seeks to obtain unclaimed property from the holders so that it may be properly distributed.
Try: Visit the Louisiana Department of Revenue for further information on NAUPA and Louisiana's involvement.