News & Analysis as of September 26, 2024

Virtual Currency › Unclaimed Property

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Crypto and the Reach of Unclaimed Property Laws: Is New Illinois Legislation the Future?

Jones Day on 9/30/2021

Cryptocurrencies are quickly becoming part of the financial mainstream, with institutional and retail investors alike adding them to their portfolios in record numbers. State legislatures are trying to keep up with this...more

Bracing for the Next Wave of Delaware Unclaimed Property Reform: Review of SB 103 and SB 104

Alston & Bird on 5/4/2021

Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure...more

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

McDermott Will & Emery on 7/10/2017

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

Blog: Utah To Treat Certain Virtual Currency As Abandoned Property

Cooley LLP on 4/10/2017

On March 24, Utah modified its Unclaimed Property Act to include virtual currency in its definitions. The law includes virtual currency in the definition of property subject to abandoned property law, and defines virtual...more

Breaking News: Unclaimed Property Legislation Passes Delaware General Assembly

McDermott Will & Emery on 1/27/2017

On January 26, 2017, the Delaware House approved comprehensive unclaimed property rewrite legislation (SB 13) that was passed by the Senate (with committee amendments) last week. Our summary of many of the key provisions of...more

Delaware Unclaimed Property Legislation – Lipstick on a Pig?

McDermott Will & Emery on 1/13/2017

The Delaware General Assembly has introduced legislation that would significantly rewrite the Delaware unclaimed property statute by repealing the three current subchapters and replacing them with a single unclaimed property...more

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