Press Releases

Over $125,000 of Unclaimed Property Returned To City of New Orleans

Secretary Kennedy Says Department Will Continue Aggressive Drive To Return Money

January 5, 1999

BATON ROUGE - "Hidden Treasures" continue to be found at the Department of Revenue! According to Secretary John Kennedy, the City of New Orleans recently had $125,828.77 in Unclaimed Property returned to it - one of the largest amounts ever returned by the Department.

"We are more than happy to return to the City of New Orleans this large amount of money which became Unclaimed Property for reasons beyond the city''s control," says Secretary Kennedy. The large amount represents several hundred individual Unclaimed Property monies owed to the city that were held by businesses and other groups. For one reason or another, those monies were turned over to the Department of Revenue instead of being returned directly to the city. "Obviously, it is better that this money be given back to the city government rather than kept by the state so that it may be used for essential services," says Secretary Kennedy.

"On behalf of the City of New Orleans, I would like to thank the Department of Revenue for their cooperation and the firm of Bruno and Tervalon, CPAs for discovering this Unclaimed Property owed to the City," says New Orleans Mayor Marc Morial. "Every municipality and citizen should follow our example and inquire about possible Unclaimed Property owed to them."

Under Louisiana''s Unclaimed Property Law, the Louisiana Department of Revenue is responsible for finding owners of unclaimed intangible personal property turned over to the state. This unclaimed property may include payroll checks, checking and savings accounts, royalties, utility deposits, interest, dividends, stock certificates, and life insurance proceeds. "It''s not just cities or big companies that have Unclaimed Property, it''s also average folks who may have as little as $50 or as much as $1,000 dollars waiting for them to claim," says Secretary Kennedy.

To find out if you or somebody you know has a "Hidden Treasure" waiting at the Department of Revenue, contact the Unclaimed Property Section toll-free at 1-888-925-4127 or 225-925-7407 in Baton Rouge, Monday through Friday, from 8:00 a.m. to 4:30 p.m. Written inquiries can be sent to: Louisiana Department of Revenue, Unclaimed Property Section, P.O. Box 91010, Baton Rouge, LA 70821-9010.

Secretary Kennedy also encourages people to search for their name on the Department''s World Wide Web page at http://revenue.louisiana.gov on the Internet. Included on the web site is a Louisiana Unclaimed Property search engine as well as a downloadable Unclaimed Property claim form and links to other states'' Unclaimed Property search pages.

Kennedy says that the Department will continue its aggressive drive to return money to its rightful owners. "As Governor Foster told me when we first discovered this large Unclaimed Property account, ''It''s not our money...let''s give it back!''"