Category Archives: Unclaimed Property Advisory

Colorado’s New Revised Uniform Unclaimed Property Act Should Prompt Holder Action

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Our Unclaimed Property Team examines the potential adverse impacts on holders as Colorado joins the list of states updating their unclaimed property laws by adopting a version of RUUPA that repeals its existing $25 reporting deduction but preserves the state’s existing treatment of gift cards. Impacted holders should consider redomestication Will the state apply the repeal retroactively and attempt to claw back deducted funds? Gift cards and gift certificates – maintaining the status quo Read the fill advisory here. [...]Read more

Unclaimed Property Challenges in the Health Care Industry

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States across the country are undertaking unclaimed property audit campaigns. These audits are targeting large national health care providers and insurance companies. Learn from Unclaimed Property partners Kendall Houghton and Matt Hedstrom why these audits raise HIPAA and unclaimed property concerns for the health care sector. Click here to read the article.   [...]Read more

Delaware’s Escheats Law Is Back in Court

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Our Unclaimed Property Group examines the latest challenge to Delaware’s Escheats Law, regulations, and audit practices. Lawsuit in response to state subpoena of holder’s records Substantive challenge to audit practices even after recent Escheats Law amendments Comparison to Plains All American Pipeline and Temple-Inland Read the full advisory here. [...]Read more

What Is the Future State of Unclaimed Property?

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Over the past two years, a series of sea-change developments in the unclaimed property compliance arena has impacted corporations in the U.S. As part of this series of articles produced by Duff & Phelps asking what's next, Kendall Houghton considers how investment assets will continue to generate audit disputes and litigation. Read the articles here. [...]Read more

Minnesota Supreme Court Requires Payment of Interest to Owner of Unclaimed Property

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On March 7, 2018, the Minnesota Supreme Court issued a decision in Hall v. Minnesota, No. A16-0874, requiring the Minnesota Commissioner of Commerce to pay interest on proceeds from an interest-bearing account while the proceeds were in the custody of the state. Four owners requested the return of their unclaimed property in custody of the state, and the state complied.  After receiving their property, the owners sued the state claiming that the state's refusal to pay interest was prohibited under the Takings Clause of the federal Constitution. Minnesota statutes provide that the Commissioner [...]Read more

Predicting the Possible “Perfect Storm” of Unclaimed Property Trends in 2018

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Our Unclaimed Property Group looks ahead to 2018’s perfect storm of holder- and state-initiated litigation and more. Litigation – what happened and what’s next Adopting the Revised Uniform Unclaimed Property Act The ABA’s Model Unclaimed Property Act Delaware’s VDA program Read the full advisory here. [...]Read more

Third Circuit Continues the Marathon Battle Over Delaware’s Escheat Law

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Delaware’s unclaimed property law continues to face challenges in federal court. Our Unclaimed Property Group runs through the latest twist in the ongoing Marathon v. Cook saga at the Third Circuit. Federal common law rule Ripeness of the challenge A dim view of Delaware’s aggressive audits Read the full advisory here. [...]Read more

Delaware Finalizes Much-Anticipated

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In the wake of litigation, Delaware revamped its Escheats Law in early 2017. Now the state has issued final regulations required by the legislation. Our Unclaimed Property Team takes stock of the changes and the quickly approaching deadline for holders to act. Regulations reflect the same old Delaware audit practices Holders must consider whether to convert an audit to a VDA When exactly is the deadline? Read the full advisory here. [...]Read more