Our Unclaimed Property Group explains how, effective December 25, New York will further restrict gift card service fees, limit card expiration dates and require additional terms and conditions to be clearly and conspicuously stated.
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Dead or Alive in West Virginia: Must Life Insurance Companies Search for Due Proof of Death?
On April 8, 2015, the Supreme Court of Appeals of West Virginia heard oral arguments for Perdue v. Nationwide Life Insurance Company, et al. with regard to whether life insurance companies are statutorily obligated to search the Death Master File (DMF) for purposes of determining whether the dormancy period has been triggered on life insurance proceeds. In the latest in a series of skirmishes involving life insurance companies and state unclaimed property administrators, the state supreme court has to decide whether the West Virginia unclaimed property laws – which do not explicitly require [...]Read more
Temple-Inland District Court Denies Delaware’s Motion to Dismiss — Looks Good for Temple-Inland and Holders
The District Court of Delaware signals Temple-Inland and other unclaimed property holders are likely to prevail on constitutional grounds against the Delaware Escheats Law. The decision may also have a meaningful impact on other holders that are domiciled in Delaware and are currently under audit or participating in a voluntary disclosure program with the state. However, the court also held that that the Texas Cases’ priority rules do not apply in disputes between private parties and states.
Read the full advisory. [...]Read more