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Revised Uniform Unclaimed Property Act

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

March 14, 2018 By Michael Giovannini and Kendall Houghton

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

Filed Under: Unclaimed Property Advisory Tagged With: ABA, ABA's Model Unclaimed Property Act, Delaware, Delaware qui tam, Escheat, False Claims Act, Litigation, Marathon Petroleum Corp., Marathon Petroleum Corp. v. Cook, New Jersey Unclaimed Property Administration, Plans All American Pipeline, Revised Uniform Unclaimed Property Act, RUUPA, Unclaimed property, unclaimed property litigation, VDA, voluntary disclosure agreements

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

July 14, 2017 By Michael Giovannini

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

Filed Under: Unclaimed Property Advisory Tagged With: b2b, business-to-business exemption, contractual anti-limitation provision, Escheat, Gift cards, Governor Bruce Rauner, HB 2603, Illinois General Assembly, merchandise credit, Revised Uniform Unclaimed Property Act, RUUPA, SB 9, statutes of limitation, stroed value cards, tax-deferred retirement accounts and securities, tax-deffered, Uniform Unclaimed Property Act

Illinois Stealthily Enacts Version of RUUPA as Part of Budget Bill

July 7, 2017 By Michael Giovannini

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

Filed Under: Unclaimed Property Advisory Tagged With: Illinois, Revised Uniform Unclaimed Property Act, State legislation, Unclaimed property

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