News & Analysis as of

Unclaimed Property Audits

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

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

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

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

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

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

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

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

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 Primer for Health and Property & Casualty Insurance

Background - Unclaimed Property: It’s not just about life insurance. The same contingency-fee unclaimed property auditors that targeted unclaimed life insurance proceeds are now turning their focus to other types of...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

Ho! Ho! Ho! Delaware Sets its Sights–Again–on Uncashed Rebate Checks

There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly...more

What to do with a Delaware unclaimed property audit document request? Pending litigation may provide an answer.

by Reed Smith on

If you have received a request for information in connection with a Delaware unclaimed property audit that appears to be excessively broad and you don’t know how to respond, you are in good company—even Delaware seems to be...more

Illinois Treasurer Lawsuit Highlights Contingency Fee Risks in Unclaimed Property Audits

by Locke Lord LLP on

On October 26, 2015, three life insurance companies (the “Kemper Companies”) filed a lawsuit against the Illinois State Treasurer (the “Treasurer”) and private auditing firm, Verus Financial LLC, over the Treasurer’s...more

Delaware Legislation Reduces Unclaimed Property Audit Frustrations but Reanimates Interest Assessment

by Reed Smith on

On July 22, 2015, the governor signed Senate Bill 141, which makes significant revisions to the Delaware Abandoned and Unclaimed Property statute. Senate Bill 141 is the legislature’s third set of revisions to the Delaware...more

Uniform Law Commission Completes First Reading of the Revised Uniform Unclaimed Property Act

by McDermott Will & Emery on

On Tuesday, July 14, 2015, at their Annual Meeting the Uniform Law Commission (ULC) completed their first reading of the Revised Uniform Unclaimed Property Act (RUUPA or the Act). While over half of the sections comprising...more

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