News & Analysis as of

Escheat Unclaimed Property

Alston & Bird

Settlement Between Delaware and 30 States Ends MoneyGram Litigation

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Following the Supreme Court’s 2023 decision in the MoneyGram case, Delaware and a coalition of 30 states have settled. Our Unclaimed Property Team examines the impact of the settlement on future litigation over escheated...more

Eversheds Sutherland (US) LLP

Unclaimed property hot topics: What you need to know in 2024

Unclaimed property examinations and new types of regulatory inquiries will pose major challenges for US companies in 2024. Not only are states pushing ahead with more examinations, but many states are using new techniques to...more

Eversheds Sutherland (US) LLP

Delaware Escheator steps up verified report inquiries for unclaimed property

Many organizations have recently received a notice from the Delaware Department of Finance Office of Unclaimed Property requesting a sworn verification of the completeness and accuracy of their unclaimed property reporting....more

Alston & Bird

Insights into California’s New Voluntary Compliance Program: Some Answers, More Questions

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California is taking applications for its new voluntary compliance program for unclaimed property holders. Our Unclaimed Property Team sheds light on the program’s knowns and unknowns....more

Alston & Bird

Nevada Just Raised the Stakes for 2023 Annual Reporting with an Administrative Notice on AB 55

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Our Unclaimed Property Team analyzes how the Nevada Treasury Office’s interpretation of the state’s new unclaimed property law will create chaos and disruption for holders in the already-busy fall filing cycle....more

BCLP

U.S. Supreme Court Re-routes Escheatment of Payment Products

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The U. S. Supreme Court has redirected escheatment of certain unclaimed funds from states that were previously presumed properly to claim the funds. In this decision, instead of escheating all of the unclaimed funds arising...more

Blank Rome LLP

Delaware Loses its Latest Grab for Purported Unclaimed Property

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Delaware has maintained a nearly 60-year death-grip on its lucrative funding source of abandoned and unclaimed property. Another finger on that grip was loosened by Delaware’s recent loss at the U.S. Supreme Court when...more

Eversheds Sutherland (US) LLP

States prevail over Delaware in unclaimed property case at the Supreme Court

All nine Supreme Court Justices sided with a group of 30 states in a dispute with Delaware over hundreds of millions of dollars of unclaimed checks issued by MoneyGram, a money transfer company. The Court held that the...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Delaware v. Pennsylvania

On February 28, 2023, the United States Supreme Court issued a decision in Delaware v. Pennsylvania, No. 145, Orig., holding that certain instruments offered by MoneyGram are similar to money orders and are therefore covered...more

Epstein Becker & Green

Unusual Groupings of Justices Decide Two Cases Involving Contradictory Applications of Textualism – SCOTUS Today

The Supreme Court decided two cases today, and though neither of them presents the sort of widely consequential matter that, say, the President’s student loan forgiveness plan that was argued this morning does, each has...more

Alston & Bird

Last-Minute Adoption of SECURE 2.0 Act Once Again Changes the Landscape for IRA Escheatment

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Our Unclaimed Property Team examines how the new SECURE Act’s changes to an IRA’s required minimum distribution (RMD) age affect holders of IRA assets, especially in states that aren’t aligned with federal law....more

Eversheds Sutherland (US) LLP

States collide on unclaimed property at the Supreme Court

​​​​​​​The US Supreme Court heard arguments on October 3, 2022 on an unclaimed property case for the first time since the early 1990s. The case, Delaware v. Pennsylvania, is a state-versus-state dispute between Delaware and...more

Venable LLP

The Pandemic Forced the Cancellation of Your Nonprofit's Event - Now What?

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​​​​​​​The COVID-19 pandemic caused many nonprofits to postpone or cancel conferences, conventions, trade shows, and other events. This has often meant working with nonprofit organization members and attendees to coordinate...more

Alston & Bird

Litigate, Legislate and Repeat: The Delaware Escheat Law Spin Cycle

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Our Unclaimed Property Team reviews Delaware SB 281, which would grant additional power to the State Escheator. This bill: Attempts to clarify Delaware’s unclaimed property laws....more

Jones Day

Crypto and the Reach of Unclaimed Property Laws: Is New Illinois Legislation the Future?

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Cryptocurrencies are quickly becoming part of the financial mainstream, with institutional and retail investors alike adding them to their portfolios in record numbers. State legislatures are trying to keep up with this...more

Blank Rome LLP

Delaware’s Arguments Fall Short: Supreme Court Special Master Finds That MoneyGram’s Unclaimed “Official Checks” Should Escheat to...

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In an action brought under the original jurisdiction of the U.S. Supreme Court, 30 states disputed Delaware’s entitlement to escheat the unclaimed proceeds of certain “Official Checks” issued by MoneyGram. A Special Master...more

BakerHostetler

[Podcast] What is Unclaimed Property/Escheat?

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What in the world is unclaimed property and escheat? And why are tax people dealing with it? Matt Hunsaker gives a basic high-level overview of the world of unclaimed property....more

Alston & Bird

Bracing for the Next Wave of Delaware Unclaimed Property Reform: Review of SB 103 and SB 104

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Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure...more

Eversheds Sutherland (US) LLP

What to expect in unclaimed property trends for 2021

Many US companies will face the threat of increased unclaimed property exposure in 2021 as states and private litigants ramp up audits, litigation and legislative changes designed to increase payments to states. Although...more

McGuireWoods LLP

Court Quashes Delaware’s Unclaimed Property Audit Subpoena on Abuse-of-Power Grounds

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In a decision addressing issues of first impression concerning Delaware’s use of subpoenas to enforce unclaimed property laws, the Delaware Court of Chancery has quashed the state’s subpoena in its entirety, holding that...more

Eversheds Sutherland (US) LLP

Top five unclaimed property trends for 2020

Unclaimed property audits and compliance issues will continue to be a challenge for companies in a wide range of industries. States view escheat as an important source of revenue, and contingent fee auditors will do their...more

Kramer Levin Naftalis & Frankel LLP

Under Recent New York Case, You May Be Liable for Interest on Unclaimed Property

Banks, insurers and other financial services companies, as well as other companies holding unclaimed property, are automatically liable for interest that accrues on unclaimed property held by them in New York, without having...more

Alston & Bird

A Qui Tam Win for Holders, New Federal Common-Law Ruling, JPMorgan Appeals, and a Possible California Amnesty Program

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Our Unclaimed Property Team highlights several recent rulings – both federal and state from across the country – and a new California law that could have broad implications for holders....more

Alston & Bird

Univar, Chapter Two: Only a Pair of Constitutional Claims Survive Dismissal (For Now)

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The continuing epic of Univar’s struggle against Delaware and its use of a third-party auditor continues in district court, only to continue on in state court, again. Our Unclaimed Property Team breaks down the many...more

Eversheds Sutherland (US) LLP

Unclaimed property — What’s new for gift, payroll, loyalty and stored-value cards?

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

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