A wave of new unclaimed property statutes and rules is changing whether and when businesses should escheat gift, payroll, loyalty, and other stored-value cards. Ten states have adopted new statutes or rules in this area over...more
The Delaware Superior Court recently issued a final order against Overstock.com for violating Delaware’s Abandoned and Unclaimed Property Law and False Claims and Reporting Act by failing to report and remit nearly $3 million...more
The State of Delaware v. Card Complaint LLC, C.A. N13C-06-289 PRW CCLD (August 29, 2018)- This is an excellent summary of the law governing the admissibility of an expert opinion....more
On December 4, 2017, the Third Circuit Court of Appeals vacated the Delaware federal district court’s dismissal of the plaintiffs’ claims in Marathon Petroleum Corp., et al. v. Cook. The court held that the plaintiffs did in...more
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...more
Earlier this year, an unclaimed property rewrite bill (HB 2603) was introduced in the Illinois House that would require holders to retroactively report a number of property types currently exempt. The provision would require...more
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
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
Proposed revisions to the Uniform Unclaimed Property Act were under debate this past week in Washington, DC as the Uniform Law Commission (ULC or Commission) Committee to Revise the Uniform Unclaimed Property Act (Drafting...more
Most states require the holder of “abandoned” or “unclaimed” property to report (and remit) such property after the expiration of a certain number of years (the “holding period”). These “escheat” laws generally apply to any...more