Tag Archives: Unclaimed property

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

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

Unclaimed Property ADVISORY: Delaware Reworks Its Recent Unclaimed Property Overhaul Legislation

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Delaware revised its unclaimed property overhaul legislation, and the Secretary of State issued its final VDA estimation regulations. Our Unclaimed Property Team explains what happened and what’s happening next. Five-month extension for Department of Finance’s regulations Holder-friendly updates to SB 13 New Department of State VDA estimation regulations 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

Unclaimed Property ADVISORY: Sailing the Sea Change of Delaware’s New Escheat Law

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Now that Delaware's rewrite of its escheats laws is enshrined in Delaware law, holders will soon be faced with making some important decisions about audits and the VDA program. Our Unclaimed Property Group takes stock of what it means for holders going forward. Read the full advisory here. [...]Read more

Delaware’s Unclaimed Property Overhaul Legislation Awaits the Governor’s Signature

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Exactly two weeks after introduction, Delaware’s major unclaimed property overhaul bill – SB 13 – passed both the Senate and the House of Delaware’s General Assembly on January 26.  The bill is now on the desk of newly inaugurated Governor Carney and is awaiting signature.  We have previously addressed some of the significant features of SB 13 here.  To summarize, SB 13 represents a complete rewrite of the Delaware Escheats Law in reaction to the Temple-Inland decision and other recent unclaimed property developments.  Although SB 13 is inspired by and based in part on the new 2016 [...]Read more

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

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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.

New York Looks to Further Restrict Gift Card Practices

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In December, we wrote about a new gift card law in New York that took effect on Christmas day (http://www.alston.com/advisories/ny-gift-card-legislation/), which was enacted by Senate Bill S. 4771-E. Under that now-effective law: Gift card issuers are prohibited from charging a service fee before the twenty-fifth month of dormancy, and any service fees that are applied after this time must be waived and put back on the card if the card is used within three years of the issue date. No gift card may have an expiration date of earlier than five years from the date the card was issued or the [...]Read more