News & Analysis as of

Unclaimed Property

Changes to Illinois Unclaimed Life Insurance Benefits Act Become Law

by Locke Lord LLP on

The Unclaimed Life Insurance Benefits Act, which requires insurers to periodically match their policies, annuity contracts, and retained asset accounts against the United States Social Security Administration’s Death Master...more

Get Ready for the Countdown: Final Delaware Unclaimed Property Regulations Published

by McDermott Will & Emery on

On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. ...more

Delaware Finalizes Much-Anticipated Audit Regulations

by Alston & Bird on

On October 1, the Delaware Department of Finance adopted its final set of unclaimed property audit regulations, as mandated by Section 1176(b) of Delaware’s newly revised Escheats Law. The regulations are effective on October...more

Delaware Dilemma: VDA or Unclaimed Property Audit

Delaware is instituting an aggressive push forward on its controversial unclaimed property audit program, as indicated in two recent announcements. The Secretary of State has announced that his office will begin sending...more

Unclaimed Property Update: Did You Report Unclaimed Store Credits to New Jersey at Full Value? You Might Be Entitled to a Refund.

by Reed Smith on

The New Jersey Appellate Division recently ordered New Jersey to refund more than $1 million to Bed Bath & Beyond for over-reporting store credits redeemable for merchandise to the state’s Unclaimed Property Administration...more

Holders Beware: Delaware Department of State Notices to be Mailed in Two Weeks!

by McDermott Will & Emery on

In two weeks, the Delaware Secretary of State (SOS) will begin mailing notices to holders who have been identified as likely being out of compliance with Delaware unclaimed property law. Holders that do not enroll in the SOS...more

New Jersey Enacts Unclaimed Life Insurance Benefits Law

by Carlton Fields on

On September 13, New Jersey became the latest state to enact legislation governing unclaimed life insurance benefits. Gov. Chris Christie (R) signed New Jersey Assembly Bill 2511 into law as P.L.2017, s.236 (the “Act”), which...more

Delaware (Re)Proposes Unclaimed Property Reporting and Examination Manual Regulation

by McDermott Will & Emery on

On August 1, the Delaware Department of Finance (DOF) published a revised version of its proposed reporting and examination manual regulation addressing audit procedures and method of estimation. See 21 DE Reg 123 (Aug. 1,...more

Delaware’s Escheats Law Faces Due Process Challenge

by Alston & Bird on

In 2015, following Delaware’s commencement of an unclaimed property audit of Plains All American Pipeline, that holder initiated a lawsuit in the U.S. District Court for the District of Delaware seeking declaratory judgment...more

Contingency-Fee Unclaimed Property Auditor Arrangement Subject to Due Process Review

A facial challenge to Delaware’s use of contingency-fee unclaimed property auditors has been given new life by a federal appellate court, which held that the arrangement is subject to due process review, reversing the lower...more

Resistance is not Always Futile: New Decision in Ongoing Delaware Unclaimed Property Audit Litigation

by McDermott Will & Emery on

On August 9, 2017, the US Court of Appeals for the Third Circuit (Third Circuit), overruling the US District Court for the District of Delaware (District Court), allowed a claim by a holder seeking to prevent an unclaimed...more

Third Circuit Breathes Life Into Procedural Due Process Claims In Pipeline’s Case Against Delaware’s State Escheator

In the case of Plains All American Pipeline L.P. v. Cook, et al., decided on August 9, the U.S. Court of Appeals for the Third Circuit largely affirmed the dismissal of Plains All American Pipeline L.P.’s (Plains) complaint...more

5 Key Takeaways: Unclaimed Property – Escheatment by Any Other Name

Kilpatrick Townsend partner David Posner recently hosted a webinar addressing recent developments in the growing area of unclaimed property concepts and state requirements. Mr. Posner focuses his practice on bankruptcy and...more

Delaware Publishes Draft Unclaimed Property Audit Regulations

by Reed Smith on

For the second time this year, the Delaware Department of Finance has published draft regulations governing unclaimed property audits. As required by law, these regulations address Delaware unclaimed property audit...more

Delaware Reworks Its Recent Unclaimed Property Overhaul Legislation

by Alston & Bird on

On June 29, 2017, Delaware Governor John Carney signed into law Senate Substitute 1 for Senate Bill 79, which revises parts of Senate Bill 13, the major unclaimed property legislation passed earlier this year. Perhaps...more

Illinois General Assembly Stealthily Enacts Version of Revised Uniform Unclaimed Property Act

by Alston & Bird on

In an unexpected development, Illinois has adopted a modified version of the 2016 Revised Uniform Unclaimed Property Act (RUUPA) as part of the General Assembly’s effort to enact a state budget. The Illinois Act was added to...more

Illinois Unclaimed Property Law Substantially Revised As Part of Revenue Package Supporting Illinois Budget

by McDermott Will & Emery on

July 6, 2017, the Illinois House of Representatives voted to override Governor Bruce Rauner’s veto of Senate Bill (SB) 9, the revenue bill supporting the State’s Fiscal Year (FY) 2017-2018 Budget. Just days before the vote,...more

Tax Changes Implemented As Part of Revenue Package Supporting Illinois Budget

by McDermott Will & Emery on

July 6, 2017, after months of wrangling and a marathon 4th of July weekend session, the Illinois House of Representatives voted to override Governor Bruce Rauner’s veto of Senate Bill (SB) 9, the revenue bill supporting the...more

Illinois Stealthily Enacts Version of RUUPA as Part of Budget Bill

by Alston & Bird on

This week, the Illinois General Assembly enacted budget legislation (SB 9) to much fanfare. Although most news stories will likely focus on the fact that the state has a budget for the first time in several years, the real...more

State Controller Defeats Judgment Creditor’s Claim To Escheated Funds

by Allen Matkins on

Here is the question: Can a judgment creditor can enforce an assignment issued pursuant to the Enforcement of Judgments Law (CCP § 680.10 et seq.) for escheated property pursuant to the Unclaimed Property Law (CCP § 1500...more

Substitute Alert ? Delaware Technical Corrections Bill

by McDermott Will & Emery on

Last Friday, the Delaware Senate released a substituted version of the bill (Senate Bill 79) introduced last month as a technical corrections bill to Senate Bill 13—the unclaimed property rewrite legislation enacted earlier...more

Illinois Bills to Watch

by McDermott Will & Emery on

Just days away from the May 31 close of its regular legislative session, the Illinois General Assembly has yet to enact the comprehensive series of tax and budget reforms that were first proposed by the Illinois Senate...more

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

by McDermott Will & Emery on

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

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

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