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due diligence

Unclaimed Property ADVISORY: Delaware Moves to Revamp Its Unclaimed Property Law

January 17, 2017 By Michael Giovannini and Kendall Houghton

Our Unclaimed Property Group explores legislation introduced in the state Senate that if enacted, would prompt a sea change in Delaware law governing abandoned and unclaimed property.

Read the full advisory here.

Filed Under: Unclaimed Property Advisory Tagged With: 12 Del. Code Ann. § 1130 et seq, Delaware, Delaware General Assembly, Delaware’s False Claims and Reporting Act, Department of Finance, due diligence, Escheat, Escheat Laws, Gift cards, gift certificates, Income Tax, look-back, Loyalty Cards, record retention, SB 13, Temple-Inland decision, Unclaimed property, Uniform Unclaimed Property Act, UP, UUPA, VDA, VDA program

Pennsylvania Amends IRA Provisions of Unclaimed Property Law and Adds Due Diligence Requirements

July 25, 2016 By Michael Giovannini

The Pennsylvania General Assembly passed HB 1605 on July 13, 2016, and it was approved by Governor Tom Wolf on the same day.  Contained within this omnibus finance bill are two sections that significantly amend Pennsylvania's unclaimed property law: section 4, which revises the dormancy standard applicable to IRAs; and section 5, which imposes formal due diligence requirements on holders. In particular, section 4 of HB 1605 revises section 1301.8 of Pennsylvania's unclaimed property law to provide that the dormancy period for a retirement account is triggered when the holder “has lost [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: dormancy standards, due diligence, IRAs, legislation, Pennsylvania, Unclaimed property

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