State returns $2.3 million in oil royalties to resident
BATON ROUGE, La. (AP) — The state is returning $2.3 million from its Unclaimed Property Program to a north Louisiana resident.
The treasurer’s office says in a news release Monday that this is the largest amount ever returned to one person in the history of the program. The resident did not want to be identified. The return resulted from unclaimed oil royalties from a deceased relative.
Dollars in the unclaimed property fund come from old savings and checking accounts, payroll checks, stocks and dividends, insurance proceeds, oil royalty payments and utility deposits that aren’t immediately claimed by their rightful owners.
The treasurer’s office tries to locate people and return the money.
Treasurer John M. Schroder says the $2.3 million return was a “special case” and that usually claims fall in the range of $900.