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Should You Convert Your Delaware Unclaimed Property Audit to a VDA?

The Delaware Secretary of State recently issued a statement to businesses encouraging them to convert their unclaimed property audits to voluntary disclosure agreements (“VDAs”). However, the position presented by the State...more

Illinois Legislative Proposal Would Eliminate the Unclaimed Property Exemption for Business to Business Transactions

A bill has been introduced in the Illinois Legislature that could significantly impact the escheat liability and recordkeeping requirements of any holder doing business in the state of Illinois. House Bill 2603 (“HB 2603”),...more

Key Takeaways From Delaware’s Unclaimed Property Overhaul

A bill has been introduced in the Delaware Senate that would overhaul Delaware’s unclaimed property law. The bill is on a fast track and could be enacted by the end of January. If enacted, companies currently under audit will...more

Federal Court Decision Warns Delaware: Be Prepared to Defend Audit Practices in Court

The United States District Court for the District of Delaware dismissed a lawsuit against the Delaware State Escheator, Abandoned Property Audit Manager, and the Secretary of Finance, and Kelmar Associates, LLC, but it came...more

Delaware Asks U.S. Supreme Court to Decide Escheat Dispute Between States

On May 26, 2016, Delaware filed a motion with the United States Supreme Court requesting leave to file a bill of complaint against other states regarding escheatment of uncashed “official checks.” Specifically, Delaware...more

Pennsylvania Audits Public Companies for Unclaimed Securities

Holders that use third-party transfer agents, such as Computershare, should check their mailboxes, as they are likely to have a notice from Pennsylvania of an unclaimed property audit. Pennsylvania has engaged...more

What to do with a Delaware unclaimed property audit document request? Pending litigation may provide an answer.

If you have received a request for information in connection with a Delaware unclaimed property audit that appears to be excessively broad and you don’t know how to respond, you are in good company—even Delaware seems to be...more

Massachusetts Joint Committee Hears Testimony Yesterday on Bill to Ban Use of Contingent Fee Auditors

Yesterday, the Massachusetts Legislature’s Joint Committee on State Administration and Regulatory Oversight heard testimony on Senate Bill 1710, a bill that would prohibit the use of contingent fee auditors by state agencies,...more

Delaware Legislation Reduces Unclaimed Property Audit Frustrations but Reanimates Interest Assessment

On July 22, 2015, the governor signed Senate Bill 141, which makes significant revisions to the Delaware Abandoned and Unclaimed Property statute. Senate Bill 141 is the legislature’s third set of revisions to the Delaware...more

Unclaimed Property New Year Checklist

There is much to consider in 2015 with respect to unclaimed property. Here are some of the highlights and action items to focus on as you move into the new year...more

Texas Supreme Court Rejects State’s Use of Unclaimed Property Law to Usurp Private Right to Contract

In a 5-to-4 decision, the Texas Supreme Court rebuffed the Texas attorney general’s attempt to undo a cy pres award using the state’s Unclaimed Property Act. The cy pres award was a result of a settlement between defendant...more

Delaware Unclaimed Property Voluntary Disclosure Program Extended to September 30

Delaware collects more than $600 million a year in unclaimed property, and many companies are wholly unaware of their annual reporting obligations. However, those still facing Delaware unclaimed property exposure are in luck....more

Pennsylvania Corporations to Fund State Spending Increase

On February 4, Governor Corbett proposed his 2014-2015 budget, keeping his promise not to increase taxes, despite a nearly $1 billion proposed increase in spending. However, the budget includes a $150 million increase to...more

Texas Supreme Court Takes On Unclaimed Property Law Limits to Class Action Settlement Agreements—and Other Private Contracts

The Texas Supreme Court heard oral argument November 7 in a case that raises far-reaching questions about the rights of private parties to contract, particularly in class action settlements. In State v. Highland Homes, Ltd.,...more

Race to the Finish: June 30 Deadline for Delaware’s New Unclaimed Property Voluntary Disclosure Program

June 30 is the deadline to enter into the new Unclaimed Property Voluntary Disclosure Program — run by Delaware’s Secretary of State (“SOS”)— which temporarily supplants the State Escheator’s voluntary disclosure process. Any...more

Reed Smith Hosts Q & A on Unclaimed Property With Delaware Secretary of State – Audits to Begin Again on February 1

For more than an hour on January 8, Delaware Secretary of State Jeffrey Bullock and an attorney administering the new program, Geoffrey Sawyer, took questions from Sara Lima and Michael Wynne of Reed Smith’s State Tax Group....more

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