Christa DeOliveira, CIA, CCEP
Louisiana’s unclaimed property statutes require for Louisiana to pay interest on any item that was interest bearing while on the books of the holder. Specifically, Louisiana Revised Statutes 9:163 contains the following:
"If the property was interest bearing to the owner on the date of surrender by the holder, the administrator shall pay interest at a rate of five percent a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten years after delivery or the date on which payment is made to the owner."