Alston & Bird Tax Blog

Revised Uniform Unclaimed Property Act

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

Unclaimed Property ADVISORY: Illinois General Assembly Stealthily Enacts Version of Revised Uniform Unclaimed Property Act

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Illinois passed its first budget in two years – and snuck in (a modified version of) the 2016 Revised Uniform Unclaimed Property Act. Our Unclaimed Property Team unearths the Act’s numerous provisions, many of them unfavorable for holders. Eliminating the B2B exemption Other variations from the uniform Act and current Illinois law Potential legal hurdles Read the advisory here. [...]Read more

Illinois Stealthily Enacts Version of RUUPA as Part of Budget Bill

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This week, the Illinois General Assembly enacted budget legislation (SB 9) to much fanfare.  Although most news stories will likely focus on the fact that the state has a budget for the first time in several years, the real breaking news in the unclaimed property world is that a version of the 2016 Revised Uniform Unclaimed Property Act ("RUUPA") was included as part of SB 9.  A RUUPA bill (HB 2603) had previously been introduced and considered in the legislature but had been stagnant since March.  However, Illinois' version of RUUPA is enacted and effective on January 1, 2018, seemingly [...]Read more