This advisory summarizes the recent guidance issued by the Delaware Secretary of State regarding the details of its new unclaimed property voluntary disclosure program. The new program was created pursuant to Delaware Senate Bill 258, which grants the Secretary of State (as opposed to the State Escheator) a limited three-year window to enter into voluntary disclosure agreements with holders of unclaimed property involving reduced look-back periods. Previously, only the State Escheator had the authority to enter into unclaimed property voluntary disclosure agreements. The Secretary of State’s guidance provides important details regarding various aspects of the new program, including the required VDA work plan, the nine-month window for completion, the nature of the review of holder submissions, the closing agreement and release provision, and required disclosures by the holder.
The advisory is provided in PDF on the Alston & Bird website: www.alston.com/advisories/unclaimed-property-delaware-vda-guidance
