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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

Kilpatrick

5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits

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Kilpatrick’s David Hughes and Jordan Goodman recently joined BDO for a discussion of trends around state unclaimed property enforcement measures, including audits, voluntary disclosure agreements, and other outreach...more

Kilpatrick

5 Key Takeaways - 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits

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Kilpatrick’s David Hughes and Jordan Goodman recently joined BDO for a discussion of trends around state unclaimed property enforcement measures, including audits, voluntary disclosure agreements, and other outreach...more

Alston & Bird

The SCO Whiffs on Its First Attempt to Formally Adopt Third-Party Unclaimed Property Auditor Regulations

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Regulations purporting to authorize unclaimed property examinations performed by third-party auditors put on ice. Our Unclaimed Property Team examines an Office of Administrative Law (OAL) ruling that shuts down regulations...more

Mayer Brown

Hong Kong Court Grants Declaratory Relief for Unclaimed Vehicles at Car Park

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Hong Kong’s District Court recently granted a car park operator default judgment in ATL Logistics Centre Hong Kong Ltd v. Wellfit Chun Yip Logistics Ltd DCCJ 3840/2023 for unpaid parking charges and declarations passing...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

Alston & Bird

Volunteers First Need to Be Volun-told: What’s in California’s Voluntary Compliance Program?

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At long last, California is on the verge of creating its own voluntary compliance program for unclaimed property holders. Our Unclaimed Property Team investigates how the state plans on implementing the system and cautions...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

McDermott Will & Emery

Meaningful Statute of Limitations for Unclaimed Property Audits and Enforcement Actions? Michigan Court of Appeals Says Yes!

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On January 19, 2023, the Michigan Court of Appeals affirmed two 2022 trial court orders, holding that initiating an unclaimed property audit does not toll (or freeze) the running of the statute of limitations (time-bar) for...more

Alston & Bird

Supreme Court Issues First Unclaimed Property Opinion in 30 Years

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The U.S. Supreme Court released its long-awaited decision in the MoneyGram case pitting 30 states against Delaware. Our Unclaimed Property Team breaks down the decision and how it could affect holders in the future....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

Best Best & Krieger LLP

In With The New – Part Four

BB&K’s New Law Guidance for a Well-Informed Start to 2023 - In Part Four of our “In With the New” series, Best Best & Krieger LLP’s Advanced Records Center (ARC) team covers important new legislation and case law related...more

Eversheds Sutherland (US) LLP

Unclaimed property: What to expect in 2023

Unclaimed property audits and compliance changes will challenge many US companies in 2023. Any company that is not filing annual reports will be at risk of an expensive multi-year audit, and even long-time filers could be...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

Alston & Bird

SCOTUS Appears Poised to Reject Delaware’s Bid to Narrowly Interpret Federal Unclaimed Property Law

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Our Unclaimed Property Team parses the oral argument in the MoneyGram case before the U.S. Supreme Court and how it may determine which states can escheat “official checks,” whatever the Court interprets those to be. ...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

McGlinchey Stafford

Inside Georgia’s Abandoned Motor Vehicle Act

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Many states have laws that provide “super liens” to facilities that tow, repair, and store vehicles. Georgia’s current abandoned motor vehicle statute is an example of how these statutes can put the secured party financing...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

California Dreaming No More: California’s Voluntary Compliance Program May Finally Be a Reality

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Though the key word here is may, it seems California may soon adopt an unclaimed property voluntary compliance program. Our Unclaimed Property Team investigates how the provisions of AB 2280 could affect holders that have...more

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