Provides for administration of unclaimed property claims based on purchase agreements. (1/1/27) (OR NO IMPACT See Note)

Senate Bill 392 creates a new statutory framework governing how the state treasurer, as administrator of unclaimed property, processes claims to ownership based on purchase agreements. The bill establishes R.S. 9:167.1, which defines key terms including "executed" purchase agreements signed by all parties, "purchase agreements" as written documents transferring ownership of property already paid or delivered to the administrator by a holder, and "seller" as any person or entity transferring such property. The core mechanism restricts purchase agreements to property that existed and had been delivered to the administrator on or before the date the purchase agreement was signed, rendering null and void any provision purporting to transfer property delivered after the execution date.

The law creates substantive obligations for parties seeking to transfer unclaimed property through purchase agreements and enforcement authority for the state treasurer. Persons submitting claims based on purchase agreements must provide eleven specific categories of information including property identification numbers from the administrator's records, UCC-1 financing statement searches, seller identification with social security or tax identification numbers, government-issued identification of the individual executing the agreement, proof of authority to sign, identification of signatories with complete contact information, manually affixed wet signatures with dates, and identification of any subsidiaries or affiliates with proof of transfer rights. The state treasurer must assess whether sufficient evidence and documentation has been provided to justify payment of claims and shall deny any claims that fail to comply with these requirements. Claimants must submit unredacted copies of purchase agreements with their claims.

This statute operates within Louisiana's unclaimed property law framework found in Title 9 of the Louisiana Revised Statutes and interacts with the administrator's existing duties regarding property held in custody. The restriction limiting purchase agreements to property already delivered to the administrator reflects the administrator's role as custodian and protector of unclaimed property interests. The requirement for UCC-1 financing statement searches connects to secured transaction law under the Louisiana Commercial Code. The statute excludes transfers ordered by courts of competent jurisdiction, preserving judicial authority over property claims. The effective date of January 1, 2027, allows implementation time for the state treasurer to establish procedures for evaluating the detailed documentary requirements and determining compliance before processing claims.