TEXARKANA, Ark. — A southwest Arkansas county has more than $408,000 in additional funds after having unclaimed funds declared abandoned.
The money comes from companies paying royalties to the owners of mineral rights when the owners couldn’t be found. The funds were placed in a civil trust account by the circuit clerk’s office.
Clerk Mary Pankey told the Texarkana Gazette some of the money had been in the account for about 30 years.
Pankey contacted Prosecuting Attorney Stephanie Black, who learned state law allows for the money to be declared abandoned if unclaimed for three years or more. The law allows also sets out a process for the rightful owners or their heirs to still claim the funds.
Forty-one funds have been abandoned and $408,256.09 deposited into the county general fund for use by the county Quorum Court.
Information from: Texarkana Gazette, http://www.texarkanagazette.com