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March 14, 2016
Last summer, the West Virginia Supreme Court of Appeals issued an opinion in Purdue v.
March 9, 2016
The Delaware Department of Finance has posted proposed regulations for public comment to govern the state's unclaimed property audits and VDA proposals. The proposed regulations are intended to implement the Delaware legislature's direction "to complete the development of a detailed manual containi
February 29, 2016
Today, the Supreme Court of the United States issued an order declining to hear the case of Taylor v.
February 2, 2016
One of the most controversial issues surrounding unclaimed property audits is estimation -- the use by auditors of statistical sampling and extrapolation to calculate a holder's historical unclaimed property liability in years that there are no researchable records available.
January 22, 2016
As the East Coast prepares for its first major snowstorm of 2016, we take a quick look at some recent stories concerning the dollar value of unclaimed property held by state governments. California -- Over $8 billion Connecticut -- $710 million Illinois -- Over $2 billion Maryland -- Over $1 b
January 4, 2016
Welcome to 2016. What unclaimed property issues will come up over the next 365 (actually, 366) days? While you can never be sure, here are some stories that we will be keeping an eye on. Lawsuits, Lawsuits, Everwhere -- More and more holders are challenging state audit procedures, practices, and
October 14, 2015
According to an article in Monday's Daily News by Erin Durkin, New York City Public Advocate Letitia James and her staff found over $1.67M in over 2,000 accounts held by the New York Office of Unclaimed Funds on behalf of New York City agencies, departments, and organizations. As the article notes,
September 11, 2015
Australia to Revise Bank Account Rules -- According to an article om News.com.au, the Australian government is considering legislation to (re)revise its laws relating to unclaimed bank accounts. Under the current rules, certain bank accounts are deemed unclaimed if there has been no activity for 3
July 27, 2015
Earlier this month, we mentioned the legislative approval of Delaware Senate Bill 141.
July 1, 2015
Early this morning Delaware Senate Bill 141 passed the House, and now is ready to be signed by the Governor. If passed, the bill would make some significant changes to the First State's audit practices and would further extend the voluntary disclosure program run by the Secretary of State (which is
June 29, 2015
Texas Lowers Aggregate Reporting Threshold . . . -- Texas Senate Bill 1021 lowers the aggregate reporting threshold from $50 to $25, effective September 1, 2015. . . .
June 19, 2015
The West Virginia Supreme Court of Appeals recently issued an opinion in Purdue v.
April 29, 2015
Death Master File Searches - Idaho Senate Bill 1023 was enacted in March, to come into effect on July 1, 2016. Arkansas Senate Bill 768, a similar bill, was enacted earlier this month, to come into effect June 30, 2016. Utah House Bill 168 comes into effect in July of this year.
March 18, 2015
The Charleston Post & Courier has an article about the boost provided to South Carolina's budget as a result of unclaimed property collections. Just as lawmakers were putting the finishing touches on the state budget, State Treasurer Curtis M. Loftis, Jr.
March 13, 2015
Last year, a company called Temple-Inland commenced a lawsuit against the State of Delaware, challenging the findings of a Kelmar-initiated unclaimed property audit, especially as to how estimated liabilities are calculated. In particular, Temple-Inland alleged that Delaware made an audit demand in