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March 29, 2017
Last fall, Pennsylvania amended its unclaimed property law to, among other things, change the ways that Individual Retirement Accounts (IRAs) are covered by the Act. Under the former law, IRAs were not required to be turned over to the state unless there was an unclaimed distribution or the IRA ow
February 6, 2017
Delaware Senate Bill 13 -- implementing certain provisions of the 2016 Uniform Unclaimed Property Act, and making significant change's to the state's unclaimed property practices, was signed by the Governor last week, and is effective immediately.
January 26, 2017
The unclaimed property community is abuzz regarding new legislation in Delaware that is being touted as a fix for the numerous deficiencies and questionable practices that a federal court vigorously criticized last summer. The new legislation -- Senate Bill 13 -- is intended to fix the problems ide
October 31, 2016
‘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 capitols, Treasurers smiled at the
September 12, 2016
According to the Investment Company Institute, Americans have $5.68 trillion in Individual Retirement Accounts (IRAs). In a traditional IRA account, a person can make tax deductible contributions to an account that can grow over the years with no tax impact until distribution. Importantly, individ
August 8, 2016
In late June, 2016 a Delaware federal court issued a decision ruling that Delaware's unclaimed property audit and estimation practices "shock[ed] the conscience" of the court and likely violated the due process rights of Temple Inland (a Delaware company being subjected to an unclaimed property audi
July 12, 2016
The Sydney Morning Herald (Australia) recently posted an article outlining how various companies in Australia seek to make money by repackaging otherwise public information at increased prices.
June 29, 2016
In 2014, Temple Inland filed a lawsuit against the State of Delaware, challenging the results and methodology of an unclaimed property audit performed by that state. As part of a 2008 audit, the State of Delaware assessed Temple Inland unclaimed property liabilities for a 22 year time period, alleg
May 23, 2016
A few days ago, the Governor of Arizona signed House Bill 2343 into law. The legislation makes some welcome and well-meaning changes to the way that unclaimed property audits (including, specifically, contingent fee audits) are conducted. For example, the legislation provides that all holders will
May 20, 2016
Missouri Legislature Passes Life Insurance Bill . . . . -- The Missouri legislature recently passed House Bill 2150, which would require insurance companies to compare policy information against the Social Security Administration's Death Master File on a semiannual basis. . . .
May 13, 2016
California Unclaimed Property Audits Bring in Over $1B Per Year -- The Lake Arrowhead, California Mountain News has an article about a recent speech given by California State Treasurer John Chiang. In addition to discussing the state budget, new technology initiatives, and "his perspective on the '
May 9, 2016
Recently, the Supreme Court of Oklahoma issued a decision in Dani v.
May 6, 2016
Loose Change Adds Up -- The UK's Daily Mail reports that the Transportation Security Administration collected over $750,000 last year at U.S.
April 29, 2016
Massachusetts Warns of Fraudulent Letters -- Massachusetts Treasurer Deborah Goldberg issued a warning that her office has been receiving reports of fraudulent unclaimed property letters seeming to come from the Office of the Commonwealth Treasurer. As a reminder, states do not charge owners of unc
March 22, 2016
We recently published a brief post concerning West Virginia legislation relating to the obligation (or not) of life insurers to review the Social Security Death Master File (DMF) to determine when a life insurance policy becomes payable. After the West Virginia Supreme Court held that life insurers