Treasury says no to Arkansas's attempt to recover bonds | Arkansas Blog

Tuesday, February 9, 2016

Treasury says no to Arkansas's attempt to recover bonds

Posted By on Tue, Feb 9, 2016 at 4:12 PM

click to enlarge State Auditor Andrea Lea
  • State Auditor Andrea Lea
The U.S. Department of the Treasury has informed state Auditor Andrea Lea that Arkansas cannot claim title to mature U.S. savings bonds the state claims are "abandoned." 

Arkansas is one of 18 states attempting to claim bonds issued to people whose last known address was Arkansas but have not redeemed the bonds five years past their maturity date.These "absent bonds" are distinct from savings bonds that, unclaimed, have come into the possession of the state auditor. Apparently there are some $17 billion in "absent bonds" nationwide; Arkansas's share has been estimated at $160 million.

A letter from Dara Seaman, an assistant commissioner in Treasury, said the state could not lay claim to the bonds either under Treasury's prior regulations or the regulations as amended; the amended regulations govern when Treasury can consider a state's claim to savings bonds. 

Washington County Circuit Judge Beth Storey Bryan ruled in November in favor of Lea's claim that all U.S. savings bonds unclaimed by owners who were originally listed as Arkansans residents were now the property of the state of Arkansas. Lea had previously filed suit in Pulaski County, but withdrew that suit after Judge Alice Gray said the state had not properly framed the lawsuit.

Tags: , ,


Comments (5)

Showing 1-5 of 5

Add a comment

Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Leslie Newell Peacock

  • 21c Museum Hotel exhibits work by Fayetteville artists

    Paintings by Hannah McBroom and Shabana Kauser and woodcuts by Kasey Ramirez, all transplants to Fayetteville, are now on exhibit on the guest room floors of 21c Museum Hotel in Bentonville, part of The Elevate at 21c program for artists living and working near the museum. You do not have to be a guest to see the works; just ask at the desk.
    • Apr 16, 2019
  • To-Do Soon: 'The Daily Carry," metalworks by Arthur Hash

    Arthur Hash, an assistant professor in the jewelry and metalsmith department at the Rhode Island School of Design, fabricates jewelry that he describes as giving a nod to his "daily carry": Good luck charms, river stones, folding knives — he says all shape his identity.
    • Apr 12, 2019
  • Saturday to-do: See 'State of the Art' again, as told by the Renaud brothers

    "State of the Art," a film by award-winning filmmakers Craig and Brent Renaud about the 2014-15 Crystal Bridges Museum of American Art exhibition of the same name, will get a free preview screening at 8 p.m. Saturday, April 13, at the Ron Robinson Theater in the River Market district. The film will then be aired on AETN at 8 p.m. Friday, April 26.
    • Apr 10, 2019
  • More »

Readers also liked…

Most Recent Comments


© 2019 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation