State Auditor Andrea Lea has taken the next step in the state’s quest to get potentially tens of millions in unclaimed U.S. savings bonds converted to state property.
She’s written a letter to the Treasury Department formally requesting the bonds, as provided in a recent court ruling in Washington County.
As I wrote earlier, this is a long road a number of states are taking to claim bonds that have always accrued in the past to the benefit of the seller, the U.S. government. The Treasury Department has proposed a rule to prevent state claims on such a windfall.
The state anticipates Treasury will not supply bonds or the names of all bonds purchased by people whose last known address was in Arkansas. That would then lead to an action in the federal court of claims.