News & Analysis as of

Escheat

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

by Reed Smith on

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

by Reed Smith on

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

Tax Update, Volume 2017, Issue 2

by Pepper Hamilton LLP on

THE NEW REGULATIONS EXPAND THE FILING REQUIREMENTS FOR FORM 5472 TO INCLUDE DISREGARDED ENTITIES WITH FOREIGN OWNERS WHEN THERE ARE CERTAIN REPORTABLE TRANSACTIONS. If a non-U.S. person (individual or corporation)...more

Pennsylvania Treasury Issues Guidance Document Interpreting 2016 Amendments to the Pennsylvania Unclaimed Property Law

by K&L Gates LLP on

On March 7, 2017, the Pennsylvania Treasury Department issued a new guidance document and a set of responses to frequently asked questions (“FAQs”) interpreting changes to the Pennsylvania Unclaimed Property Law enacted on...more

Temple-Inland Decision Leads to Proposed Delaware Escheat Reform Legislation: Tax Update Volume 2017, Issue 2

by Pepper Hamilton LLP on

The proposed reforms are a welcome change, specifically as they relate to lookback periods, electronic filing and limited compliance reviews. As a result of what some might view as a scathing decision by the U.S....more

Sailing the Sea Change of Delaware’s New Escheats Law

by Alston & Bird on

On February 2, 2017, Delaware Governor John Carney signed Senate Bill 13 into law, completing a wholesale rewrite of the Delaware Escheats Law, codified at 12 Del. Code Ann. § 1130 et seq. The final version of the legislation...more

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

by Alston & Bird on

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...more

Delaware Moves to Revamp Its Unclaimed Property Law

by Alston & Bird on

On January 12, 2017, the Delaware Senate introduced legislation that represents a complete rewrite of the state’s Escheats Law, currently codified at 12 Del. Code Ann. § 1130 et seq. The bill – SB 13 – is...more

You Can’t Escape From Escheats!

by Bennett Jones LLP on

Ontario’s New Corporate Forfeiture Regime and Corporate Record Keeping Requirements - What’s Happening? On December 10, 2016 Ontario will repeal the compact and concise Escheats Act (the “Old EA”) that has served...more

California Updates Unclaimed Property Law to Recognize Electronic Recurring Bank Account Activity

by Alston & Bird on

On September 22, California Governor Jerry Brown signed AB 2258 into law, which revises California’s Unclaimed Property Law (UPL) to expressly recognize that certain electronic recurring transactions constitute...more

What’s New in the Revised Uniform Unclaimed Property Act?

by K&L Gates LLP on

The unclaimed property laws of most states are based in whole or in part on one of the multiple versions of the Uniform Unclaimed Property Act promulgated by the Uniform Law Commission. The Uniform Act was initially...more

Unclaimed Property Advisory: Delaware Secretary of State Assesses Impact of Temple-Inland on VDA Program

by Alston & Bird on

On Friday, August 26, 2016, Delaware Secretary of State Jeffrey Bullock issued a statement to representatives of holders currently registered in the Delaware VDA program, with a direct opening message to recipients: In...more

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

by Reed Smith on

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

Settlement Reached in Temple-Inland; Delaware Internally Reviewing Unclaimed Property Audit Practices

by McDermott Will & Emery on

The court case challenging Delaware’s unclaimed property audit methodologies has settled following an opinion brutalizing Delaware’s position. This settlement leaves the US District Court for the District of Delaware...more

Ten Things You Should Know About the 2016 Uniform Unclaimed Property Act

The 2016 Uniform Unclaimed Property Act (2016 Act) was adopted unanimously by the Uniform Law Commission (ULC) in a 49-0 vote at its 2016 summer meeting. The adoption of the revised model law is a significant step forward for...more

Settlement in Temple-Inland After District Court Declared Delaware’s Estimation Methodology Unconstitutional

by Alston & Bird on

On August 5, 2016, plaintiff Temple-Inland Inc. and defendants Delaware Secretary of Finance, State Escheator and Abandoned Property Audit Manager filed a joint motion to dismiss with prejudice the...more

What Can Be Done With Returned or Uncashed Distribution Checks?

by Ervin Cohen & Jessup LLP on

Question: I have seen various instances where receivers have requested that funds from returned or uncashed checks from a distribution be redistributed to other claimants or used to pay administrative fees or costs. Is this...more

Breaking News: Federal Court Finds Delaware’s Unclaimed Property Enforcement “Shocks the Conscience”

by McDermott Will & Emery on

On June 28, 2016, the much-anticipated memorandum opinion of the US District Court for the District of Delaware in Temple-Inland, Inc. v. Cook et al., No. 14-654-GMS was released on the parties’ cross-motions for summary...more

Tables Turned: 21 States Tell Delaware to “Fork Over Our Unclaimed Property!"

The latest salvo in an ongoing battle against Delaware was fired on June 9, when 21 states, led by Texas and Arkansas, filed a motion in the U.S. Supreme Court to force Delaware to return to the States between $150 million...more

Unclaimed Property Hunger Games: States Seek Supreme Court Review in ‘Official Check’ Dispute

by McDermott Will & Emery on

Background - As detailed in our blog last month, MoneyGram Payment Systems, Inc. (MoneyGram) is stuck in between a rock and a hard place as states continue to duel with Delaware over the proper classification of (and...more

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

by Reed Smith on

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

State-vs.-State Unclaimed Property Dispute May be Heading to the Supreme Court

by Alston & Bird on

In March, we issued an advisory highlighting a lawsuit filed by the Pennsylvania Treasury Department against the State of Delaware in federal district court seeking to recover uncashed official checks escheated to Delaware by...more

Unclaimed Property Litigation Update – Spring 2016

by McDermott Will & Emery on

Litigation over unclaimed property rules and obligations continues to accelerate. The first quarter of 2016 brought developments in several cases, including a much-watched contest over merchandise credits and a new battle...more

Pennsylvania Audits Public Companies for Unclaimed Securities

by Reed Smith on

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

Store Credits Not Subject to Unclaimed Property, Says California Court

In a decision with potentially broad implications, a California Superior Court has held that merchandise credits not redeemable for cash are not subject to California's Unclaimed Property Law (UPL). The court also held that...more

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