News & Analysis as of

Unclaimed Property

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

Delaware Re-Ups on Controversial Estimation Method for Unclaimed Property Audits

Delaware and its third-party auditors intend to continue using the same controversial estimation techniques in unclaimed property audits, as described in newly proposed regulations, even after a federal court found a...more

Blog: Utah To Treat Certain Virtual Currency As Abandoned Property

by Cooley LLP on

On March 24, Utah modified its Unclaimed Property Act to include virtual currency in its definitions. The law includes virtual currency in the definition of property subject to abandoned property law, and defines virtual...more

Delaware Proposes Unclaimed Property Regulations – No April Fools

by McDermott Will & Emery on

On Saturday, April 1, 2017, the Delaware Department of Finance (DOF) promulgated two regulations that would repeal all existing unclaimed property regulations and replace them with a single DOF regulation containing a revised...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

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

Attempt to Block Unclaimed Property Gift-Card Audit Again Rejected by Delaware Federal Court

Marking its second decision on the issue, the Delaware federal district court has held that the U.S. Supreme Court’s priority rules governing the distribution of unclaimed property among competing states do not apply to...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

Unclaimed Property Gift Card Legislation to Watch

by McDermott Will & Emery on

Most states are well off to the races with their 2017 legislative sessions and several states have gift card legislation pending that would impact unclaimed property holders....more

Delaware’s Overhaul of Its Unclaimed Property Laws

Facing widespread criticism about the enforcement of its unclaimed property laws, Delaware has just completed a wholesale revision of its unclaimed property statute. The statutory overhaul has passed both houses of the...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

Breaking News: Unclaimed Property Legislation Passes Delaware General Assembly

by McDermott Will & Emery on

On January 26, 2017, the Delaware House approved comprehensive unclaimed property rewrite legislation (SB 13) that was passed by the Senate (with committee amendments) last week. Our summary of many of the key provisions of...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

Key Takeaways From Delaware’s Unclaimed Property Overhaul

by Reed Smith on

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

Delaware Unclaimed Property Legislation – Lipstick on a Pig?

by McDermott Will & Emery on

The Delaware General Assembly has introduced legislation that would significantly rewrite the Delaware unclaimed property statute by repealing the three current subchapters and replacing them with a single unclaimed property...more

New York Looks to Further Restrict Gift Card Practices

by Alston & Bird on

In December, we wrote about a new gift card law in New York that took effect on Christmas day, which was enacted by Senate Bill S. 4771-E. Under that now-effective law: - Gift card issuers are prohibited from charging a...more

New York Puts Coal in Gift Card Issuers’ Stockings with New Rules

by Alston & Bird on

On September 26, 2016, New York Governor Andrew Cuomo signed legislation amending Section 396-i of the New York General Business Law to provide additional restrictions and limitations applicable to the issuance of gift...more

Revised Uniform Unclaimed Property Act Finalized for State Enactment—Legislative Drafting Notes and Interpretative Comments Added ...

by McDermott Will & Emery on

The fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission for state enactment. The new Prefatory Note,...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

Proposed New Local Rules for the Southern District of New York

by Bryan Cave on

The United States Bankruptcy Court for the Southern District of New York recently announced proposed amendments to its local rules. The proposed amendments will not take effect until December 1, 2016, but we could not wait...more

Unclaimed Property Disputes Over State Priority Take Center Stage, Head to U.S. Supreme Court and the Third Circuit

Disputes over the unclaimed property priority rules continue to intensify. The U.S. Supreme Court accepted review of a clash involving more than 20 states regarding the right to take custody of official checks. ...more

Delaware District Court Sets Up Another Marathon Unclaimed Property Battle

by Alston & Bird on

On September 23, 2016, the Delaware federal district court granted the state’s motion to dismiss in Marathon Petroleum Corp., et al. v. Cook, et al., ending (for now) the plaintiffs’ claims that Delaware’s audit of the...more

New Delaware Unclaimed Property Decision Further Complicates Landscape

by McDermott Will & Emery on

Another federal judge slams Delaware’s unclaimed property audit methodology but rejects the holder’s reliance on the priority rules as a defense to the audit demands. See Marathon Petroleum Corp. et al. v. Cook et al., No....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

122 Results
|
View per page
Page: of 5
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
Feedback? Tell us what you think of the new jdsupra.com!