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Regular Session, 2014 ENROLLED
SENATE BILL NO. 603
BY SENATOR ALARIO
AN ACT1
To enact R.S. 9:182, relative to unclaimed property; to provide a procedure for the2
escheatment of United States savings bonds presumed abandoned; and to provide for3
related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 9:182 is hereby enacted to read as follows:6
ยง182. United States savings bonds; escheatment procedures7
A. Notwithstanding any contrary provisions of law, United States8
savings bonds which are unclaimed property and subject to the provisions of9
this Chapter, shall escheat to the state three years after becoming unclaimed10
property by virtue of the provisions of this Chapter, and all property rights and11
legal title to and ownership of such United States savings bonds or proceeds12
from such bonds, including all rights, powers, and privileges of survivorship of13
any owner, co-owner or beneficiary, shall vest solely in the state according to the14
procedure set forth in Subsections B through F of this Section.15
B. Within one hundred eighty days after the three years prescribed in16
Subsection A of this Section, if no claim has been filed in accordance with the17
provisions of this Chapter for such United States savings bonds, the18
administrator shall commence a civil action in the Nineteenth Judicial District19
Court for a determination that such United States savings bonds shall escheat20
ACT No. 588 SB NO. 603 ENROLLED
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to the state. The administrator may postpone the bringing of such action until1
sufficient United States savings bonds have accumulated in the custody of the2
administrator to justify the expense of such proceedings.3
C.(1) The administrator shall make service by publication of the4
proceeding in the Nineteenth Judicial District Court in East Baton Rouge Parish5
in accordance with R.S. 9:161. The notice shall name any defendant to be served6
and notify the defendant of the following:7
(a) The defendant has been sued in the Nineteenth Judicial District8
Court.9
(b) The defendant shall answer the petition or other pleading or10
otherwise defend, on or before a specified date, not less than forty-one days11
after the date the notice is first published.12
(c) If the defendant does not answer or otherwise defend, the petition or13
other pleading will be taken as true and judgment, the nature of which will be14
stated, will be rendered accordingly.15
(2) In addition, before service by publication under this Section can be16
made, the administrator or the administrator's attorney shall file with the court17
an affidavit or a declaration stating all of the following facts that apply:18
(a) The residences of all named defendants sought to be served, if19
known, and the names of all defendants whose residences are unknown after20
reasonable effort to ascertain them and the specific efforts made to ascertain21
their residences.22
(b) The affiant or declarant has made a reasonable but unsuccessful23
effort to ascertain the names and residences of any defendants sought to be24
served as unknown parties and the specific efforts made to ascertain the names25
and residences.26
(c) The party seeking service by publication is unable to obtain service27
of summons on the defendants in this state.28
(d) The case is one in which the party with due diligence is unable to29
serve summons on the defendant in this state and either:30 SB NO. 603 ENROLLED
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(i) The case relates to or involves immovable or movable property in this1
state, if any defendant has or claims a lien or interest, vested or contingent, in2
the property.3
(ii) In which the relief demanded consists wholly or partly in excluding4
the defendant from any interest in the property.5
D. If no person shall file a claim or appear at the hearing to substantiate6
a claim or where the court determines that a claimant is not entitled to the7
property claimed by such claimant, then the court, if satisfied by evidence that8
the administrator has substantially complied with state law, shall enter a9
judgment that the subject United States savings bonds have escheated to the10
state, and all property rights and legal title to and ownership of such United11
States savings bonds or proceeds from such bonds, including all rights, powers12
and privileges of survivorship of any owner, co-owner or beneficiary, shall vest13
solely in the state.14
E. The administrator shall redeem such United States savings bonds15
escheated to the state and the proceeds from such redemption of United States16
savings bonds shall be deposited in the state treasury to the credit of the state17
general fund. The administrator shall not deposit the proceeds from the18
redemption of the United States savings bonds in the Bond Security and19
Redemption Fund nor in the Unclaimed Property Leverage Fund in accordance20
with the provisions of R.S. 9:165.21
F. Any person making a claim for the United States savings bonds22
escheated to the state under this Section, or for the proceeds from such bonds,23
may file a claim in accordance with the provisions of this Chapter. Upon24
providing sufficient proof of the validity of such person's claim, the25
administrator may, in his sole discretion, pay such claim in accordance with the26
provisions of this Chapter.27
Section 2. This Act shall become effective upon signature by the governor or, if not28
signed by the governor, upon expiration of the time for bills to become law without signature29
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If30 SB NO. 603 ENROLLED
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vetoed by the governor and subsequently approved by the legislature, this Act shall become1
effective on the day following such approval.2
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: