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Uniform Law Commission (ULC) Unclaimed Property

McDermott Will & Emery

Déjà Vu – Marketplace Model Debate May Resume Again

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The debate over state marketplace laws may resume again, after the Uniform Law Commission (ULC) announced it has set up a committee to study whether to draft a uniform state law on online sales tax collection, focusing on...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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Washington Legislature Introduces Revised Uniform Unclaimed Property Act

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On January 10, 2018, a bill was introduced in the Washington State Legislature that would substantially enact the Revised Uniform Unclaimed Property Act (RUUPA) finalized by the Uniform Law Commission (ULC) in late 2016. The...more

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Illinois UP Bill Would Retroactively Require Reporting of Gift Cards and B2B Transactions

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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

McDermott Will & Emery

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

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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

Eversheds Sutherland (US) LLP

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

Eversheds Sutherland (US) LLP

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

Eversheds Sutherland (US) LLP

Debate Over Unclaimed Property Continues Before the Uniform Law Commission Drafting Committee

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

McDermott Will & Emery

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

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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

McDermott Will & Emery

Extraordinary Turnout and Discussions at ULC Unclaimed Property Drafting Meeting

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Failing to attend last week’s Uniform Law Commission’s (ULC’s) Drafting Committee meeting to revise the 1995 Uniform Unclaimed Property Act (the Act) was worse than missing the 2012 Extravakranza. On November 7 and 8, 2014,...more

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