5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits
Do Gift Cards Keep on Giving How the Law Affects the Consumer, the Retailer and the State
Our State & Local Tax and Unclaimed Property teams analyze a recent federal court decision that could affect how property owners challenge Delaware’s escheat and liquidation of securities, particularly when constitutional...more
The Delaware Office of the Secretary of State (SOS) confirmed that on April 10, 2026, invitation notices were sent to businesses (holders) identified as potentially out of compliance with Delaware’s unclaimed property law....more
Kilpatrick’s Jordan Goodman recently presented “Talk Legal To Me” at the Sharpen Your Focus UPPO Annual Conference in San Antonio....more
While state unclaimed property or escheatment laws, at least in theory, exist to help reunite people with their lost property, states are increasingly coming to view unclaimed property as just another revenue source. One...more
The Delaware secretary of state (SOS) plans to send out voluntary disclosure agreement (VDA) program invitations on April 10, 2026 and August 14, 2026. These dates match last year’s invitation dates, which were sent on April...more
The unclaimed property landscape will continue to evolve rapidly in 2026. States are modifying their enforcement methods and broadening the reach of their statutes while simultaneously facing increased legal challenges from...more
The Senate Committee on Banking, Housing, and Urban Affairs and the Senate Committee on Agriculture, Nutrition, and Forestry intend to hold markup hearings regarding market structure legislation on Jan. 15. The topics...more
Ohio’s new permanent escheat law, enacted to fund major sports facility projects, has resulted in constitutional challenges and a preliminary injunction blocking the planned transfer of unclaimed property funds. Our Unclaimed...more
Kilpatrick’s Jordan Goodman presented an update on significant unclaimed property issues nationwide during a Council On State Taxation (COST) webinar on December 5, 2025....more
On October 11, California enacted SB 822 amending its Unclaimed Property Law to clarify that “digital financial assets,” as defined in Cal. Fin. Code § 3102(g), are a form of intangible property subject to escheat. This law...more
A struggling broker-dealer’s efforts to close all of its retail customer accounts by applying theories of abandonment, including mischaracterizing securities as “worthless” and making misstatements with respect to state...more
Our Unclaimed Property and State & Local Tax teams follow up on their 2024 advisory by reviewing the state legislation impacting businesses’ gift card programs so far in 2025....more
Our Unclaimed Property Team explains how new Delaware guidance creates additional obligations for holders to separately manage and report illicit property, leading to fresh compliance and legal uncertainties....more
The Michigan Court of Appeals has resurrected the Michigan Treasurer’s efforts to enforce an unclaimed property examination assessment going back nearly 20 years by holding that the state’s issuance of an exam determination...more
Kilpatrick’s Jordan Goodman and David Hughes recently joined BDO for a discussion of emerging trends around state unclaimed property enforcement measures, including audits, voluntary disclosure agreements, and other outreach...more
A terminated employee moves and doesn’t tell you and the check for the small benefit forced out of your retirement plan gets returned. A participant requests a distribution and the check gets delivered, but it is never...more
The Department of Labor recently issued Field Assistance Bulletin (FAB) 2025-01, which amounts to a temporary enforcement policy around the transfer of small retirement plan benefits — think $1,000 or less — to state...more
U.S. Eleventh Circuit Court of Appeals - Maron v. Fla CFO - Florida Unclaimed Property Act, taking, sovereign immunity - USA v. Solomon - sentencing, Hobbs Act - HM Fla v. Fla DBPR - obscenity, First Amendment - ...more
The US Department of Labor recently issued Field Assistance Bulletin (FAB) 2025-01, a temporary enforcement policy regarding the transfer of small retirement plan benefits to state unclaimed property funds. This development...more
In a decision that may reshape how states administer their unclaimed property statutes, the Tenth Circuit held that property owners can pursue takings claims against the Colorado State Treasurer (Treasurer) without exhausting...more
In this article, the authors delve into the Department of Labor’s temporary ERISA enforcement policy for unclaimed retirement benefit payments of $1,000 or less. The Department of Labor (DOL) has announced a temporary...more
In litigation challenging unclaimed property examination findings, the Michigan Supreme Court took a first step towards curtailing the seemingly never-ending examination process, but left open an opportunity for the State to...more
Likely due to the tremendous number of healthcare mergers, acquisitions, and private equity deals that have been taking place, the industry has recently been the target of multistate unclaimed property audits. This increased...more
The February Monthly Minute highlights a new online ACA reporting alternative, the DOL’s temporary policy regarding escheatment of small retirement benefits owed to missing participants, and new guidance clarifying the gag...more
On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less:...more