Escheatable

The new Unclaimed Property Act for the Canadian province of New Brunswick received proclamation on January 1, 2022, bringing it into effect.  The enactment means that New Brunswick joins three other provinces -- Alberta, British Columbia, and Quebec -- in having custodial unclaimed property laws sim

On November 5, 2021 Wisconsin Governor Tony Evers signed Wisconsin Act 87 into law, which adopts a version of the 2016 Uniform Unclaimed Property Act.  In a departure from some versions of the 2016 uniform act, the Wisconsin legislation keeps the old law's general 5 year dormancy period for unspecif

Posts emphasizing the need for companies to take unclaimed property laws seriously are increasingly common. Most of these articles, however, focus on the potential ills arising from lax unclaimed property law compliance. And justifiably so. The potential downsides are significant:  disruptive audits

Washington D.C.

On April 20, North Dakota became the most recent state to enact a version of the Revised Uniform Unclaimed Property Act (2016).  The new law, which takes effect on July 1 does not overhaul the state's general three year dormancy period, but does provide useful clarity on the reporting or remittance

In most companies and financial institutions, unclaimed property compliance is treated as an ancillary operational responsibility unrelated to the “business” of the firm.  After all, as with many regulatory obligations, unclaimed property compliance is not a profit-generating activity.  That said, t

Under New Jersey law, administrative regulations expire automatically after 7 years unless they are re-adopted. NJSA 52:14B-5.1. Pursuant to that rule, New Jersey's administrative regulations relating to unclaimed property are now up for public comment as part of the readoption process.

Some Tips on Unclaimed Property Asset Recovery An often overlooked aspect of unclaimed property law is the fact that most unclaimed property holders are also unclaimed property owners.  The same data glitches, human errors, and industry practices that result in a company holding unclaimed property

Case Headed Back to Federal Court for Consideration of Constitutional Challenges The unclaimed property saga arising out of the State of Delaware's unclaimed property audit of Univar, Inc.

Twas the night before Fall Reporting, and all through the firm, Everyone in unclaimed property was starting to squirm. Wire transfer instructions were given to disbursements with care, In the hope that remittance confirmations soon would be there. In state capitals, Treasurers smiled at the incomi

Constitutional Amendment Would Create Unclaimed Property Trust Fund to Pay Claims You may not have heard, but this year is an election year.

Unclaimed Property Holders Should Take Another Look at Potential Claims Before getting to unclaimed property news, just a quick word to our readers (both of you!):  we hope that you and your families are safe and well during these turbulent times.  The COVID-19 crisis is, first and foremost, a h

Like other business operations, many holders have found that the COVID-19 crisis has caused a disruption to the process of reporting and remitting of unclaimed property, particularly in those states with a Spring reporting deadline.  While holders should check the relevant state unclaimed property a

Delaware Secretary of State Issues VDA "Invitation" Notices The Delaware Secretary of State's Office recently sent letters to over 100 companies identified as "likely" out of compliance with Delaware's unclaimed property laws.

Amounts deemed abandoned to reduce from 60% to zero over four year period. On January 30, the Governor of Maine signed Public Law 553, "An Act Regarding the Presumption of Abandonment of Gift Obligations." Over a four year period, the new law will reduce -- from sixty percent to zero -- the dollar