Unclaimed Property

News & Analysis as of

Escheaters Never Prosper, Lord Grantham: Handling Unclaimed Employee Funds

While renewing my license plates online with Indiana’s Bureau of Motor Vehicles (yes, bureau, not department), I saw an advertisement for the Indiana Attorney General’s Unclaimed Property Division, IndianaUnclaimed.gov. On a...more

Idaho Unclaimed Property Rule: Insurers Must Confirm Whether Insureds Have Died

In a recently issued notice of rulemaking, the Idaho State Treasurer’s Office has proposed a temporary rule that, if permanently adopted, would alter two key definitional provisions in the state’s unclaimed property laws...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

Focus on Tax Controversy - Summer 2014

In This Issue: - Waiver of Privilege: Disturbing Trends - New Repair Regulations Affect All Taxpayers - Unclaimed Property – It Is Not a Tax, but It Can Feel Like One - Excerpt from Waiver of...more

The Countdown is On for the Delaware Voluntary Disclosure Program

The deadline is quickly approaching for participation in the Delaware Secretary of State’s Unclaimed Property Voluntary Disclosure Program. Businesses have until June 30, 2014, to enroll in the program, and another year to...more

The Clock Is Ticking: Consider the Delaware Voluntary Disclosure Program Before It Sunsets

The deadline is quickly approaching for participation in the Delaware Secretary of State's Unclaimed Property Voluntary Disclosure Program. Businesses have until June 30, 2014, to enroll in the program, and another year to...more

Life Insurance Unclaimed Property Litigation in 2014: Will Regulator Positions Withstand Judicial Scrutiny

Amidst ongoing multistate unclaimed property audits of many life insurers, and despite many regulatory settlements, the insurance industry and state regulators continue to disagree over the application of unclaimed property...more

The Case That Could Significantly Disrupt How Companies Manage Their Gift Card Programs and Could Create Billions of Dollars in...

Every company with a gift card program should be aware of the recently unsealed qui tam case in Delaware titled State of Delaware ex rel. French v. Card Compliant, LLC, et al., N13C-06-289 (Superior Court of Delaware, New...more

Gavel to Gavel: Failure to report costly

Employers have many reporting requirements, but there is one many overlook – the Unclaimed Property Act, Oklahoma Statute title 60, §§ 651 et seq. The statute requires that a person holding property, tangible or intangible,...more

Unclaimed Property Round Up

The battle over unclaimed property continues to spawn increased litigation and regulatory activity. Litigation Highlights - In December 2013, a West Virginia court dismissed 63 lawsuits brought by the Treasurer...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

New Exploration Technologies Give Rise to Unclaimed Property Compliance Issues

The recent expansion of oil and natural gas exploration and production activities in previously unprofitable areas has brought increased attention to issues surrounding compliance with state unclaimed property laws. Producers...more

West Virginia Trial Court: No Duty to Search the Death Master File

In a substantial victory for the life insurance industry on the unclaimed property issue, a West Virginia Circuit Court has held that insurers have no duty to search the Social Security Administration’s Death Master File...more

West Virginia Court Dismisses Lawsuits Challenging Life Insurers’ Unclaimed Death Benefits Practices

On December 27, 2013, a West Virginia court dismissed 63 separate lawsuits brought by the Treasurer of the State of West Virginia ("Treasurer") against life insurance companies doing business in West Virginia. The court...more

PA Tax Law News -- December 2013

In This Issue: Fuel Taxes Increased to Solve Transportation Funding Shortfall; PA Supreme Court Upholds Rejection of Township Business Privilege Tax; Unclaimed Property - Challenge to Delaware’s Auditing Procedures;...more

PA Tax Law News -- December 2013: Unclaimed Property - Challenge to Delaware’s Auditing Procedures

Many companies are particularly susceptible to significant unclaimed property exposure in Delaware because holders of property for which the owners’ addresses are unknown generally must report and remit such property to their...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

Michigan Sets the Standard for Fairness in Unclaimed Property Audits

A recent Michigan bill (House Bill 4289), delivers a useful example to other states regarding administration of abandoned and unclaimed property ("AUP") audits. House Bill 4289 is in the hands of the Governor, who must sign...more

Legal Alert: Florida Announces DMF Search Requirement and Date-of-Death Dormancy Trigger

In an administrative declaratory ruling, the Florida Department of Financial Services (DFS) announced that Florida’s unclaimed property statute requires life insurers to search the Social Security Administration Death Master...more

Legal Alert: California Controller’s Handbook Requires Insurers to Perform Quarterly DMF Searches

In a recently released update to its Unclaimed Property Holder Handbook (Handbook), the California State Controller’s Office has apparently taken the position that life insurers must search the Social Security Death Master...more

Unclaimed Property Reporting - Are You In Compliance?

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

Unclaimed Intangible Property In Canada

Ah, unclaimed intangible property. The route to uniform legislation is far from a straight line and progress is slow....more

Delaware VDA Program First Enrollment Deadline Is Fast Approaching

The first stage of the Delaware Secretary of State’s Voluntary Disclosure Agreement program (the “Delaware VDA Program”) for unclaimed property reporting closes on June 30, 2013. Companies that enter into the Delaware VDA...more

Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

Spotlight on Unclaimed Property: ACTION Required – Delaware Voluntary Disclosure Initiative Ends June 30

Delaware has earned the reputation as one of the most aggressive enforcers against businesses of unclaimed property/escheat obligations. For example, the Delaware Division of Revenue, or its proxies, routinely examine records...more

33 Results
|
View per page
Page: of 2