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News & Press: State Unclaimed Property News & Announcements

Arkansas responds to UPPO's concerns about mineral interests

Wednesday, October 12, 2016   (0 Comments)
Posted by: Emily Lee
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The General Counsel of the Arkansas State Auditor's office issued a letter to UPPO, dated Oct. 5, stating that we are to disregard guidance sent to holders of mineral interests in May 2016, which instructed holders to escheat unclaimed mineral interest property to Arkansas “[i]f a mineral interest was derived from a well physically located in Arkansas (as evidenced by the legal description of the well) and the owner’s last known mailing address is UNKNOWN."

 

In July 2016, UPPO submitted formal concern and a request for clarity to Arkansas regarding the state's position on property with an unknown address. UPPO argued that the state's position ran contrary to federal law, and should be escheated to the holder's state of corporate domicile, per Texas v. New Jersey.

 

Questions? Contact Government Relations and Advocacy Committee Co-Chairs Michelle Andre, Karen Anderson, or Kendall Houghton.

 


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