The Louisiana Department of the Treasury has returned $2.3 million in unclaimed oil royalties to a north Louisiana resident, according to State Treasurer John Schroder.
The returned royalties represent the largest amount of money ever returned to one person in the history of the state’s Unclaimed Property Program.
“This definitely was a special case, because most of our claims fall somewhere in the $900 range,” says Schroder.
The $2.3 million claim resulted from unclaimed royalties from a deceased relative, and the individual asked the state to keep their identity private.
The Treasury also collects old bank accounts, insurance proceeds, utility deposits and other funds from businesses when they cannot locate the rightful owners.
This year the Treasury has collected $83.8 million and has returned $28.7 million to 38,398 individuals. The state has $858 million in unclaimed property on the books that remains to be claimed by citizens.
This usually occurs because of incorrect or new addresses. Schroder says his office has already processed nearly 12,000 more claims than last year.
You can see if you have a refund coming by searching the treasury’s online database, or calling its hotline at 1-888-925-4127.
