BATON ROUGE, La. (WAFB) - Louisiana Treasurer John Schroder has said he will appeal a judge’s order that directs him to turn over millions of dollars for the state budget.
Read more on that order by clicking the link here.
That money comes from unclaimed property belonging to Louisiana residents but collected by the state after the owners could not be found.
It includes money in old bank accounts, refund checks that haven’t been cashed, bonds turned over by businesses, payroll checks, royalties, utility deposits, interest payments, stock certificates, and life insurance proceeds.
Schroder hoped he’d be able to hold onto the money until his office could locate the residents and return it.
However, some of that money is typically transferred to support the state’s budget. Lawmakers have consistently approved the money to be used for that reason in the past.
Schroder blocked the transfers, sparking a lawsuit from Governor John Bel Edwards in February.
Officials in the Office of Governor John Bel Edwards publicized a court ruling on that lawsuit Thursday, May 28, that says Shroder will have to turn over $7.3 million in excess dollars from the fund into the state general fund for fiscal year 2019 and $25.2 million in excess unclaimed property for fiscal year 2020.
“Gov. Edwards is doing a happy dance, but I won’t quit fighting to protect your money,” said Schroder in a social media post. “Appellate court, here we come.”
Schroders office says one in six individuals in Louisiana has unclaimed property, with refunds averaging $900.
The state treasury does not send out messages alerting residents about their unclaimed property or charge to claim the money.
It also will not ask for a credit card number.
Search to see if you’re owed money by clicking the link here or calling 1-888-925-4127.
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