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
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’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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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