Posted on Friday, 16th July 2010 by The Keane Organization

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Recent legislative, regulatory and legal developments that occurred during the month of June 2010 in the areas of state unclaimed property law and regulation are summarized below, by state and by topic:

Unclaimed Property Reporting Laws: State By State Changes

Delaware Unclaimed Property Reporting

SB 272

Introduced 5/13/10, Passed Senate 6/22/2010, Passed House 6/29/2010.

Section 1 of the Act provides for an administrative review process at the conclusion of an unclaimed property examination. This review process may be invoked at the option of the unclaimed property holder. It will allow the holder to file a written protest, submit additional information in support of the protest and request that the Audit Manager reconsider the Department’s findings following an examination.

Section 2 of the Act creates a limited exemption from the definition of property for abandoned property purposes that arises from transactions between merchants covered by the Uniform Commercial Code where, for whatever reason, a merchant holder receives goods for which the holder was never invoiced by the seller. Read More »

Tags: Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, State Escheatment Laws, Unclaimed Property Reporting
Posted in Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, Unclaimed Property Reporting | Comments (0)

Posted on Thursday, 4th March 2010 by Freda Pepper

This post pertains to the Delaware Abandoned Property Law, and more specifically to a recent lawsuit between DE and CA, Inc.

In a stunning turn of events, the State of Delaware and CA, Inc. (“CA”) have settled their litigation pending in the Delaware Court of Chancery.  According to the terms of the agreement, CA has agreed to pay to the State a staggering sum of $17,650,000., including interest and penalties.

This amount represents CA’s Delaware unclaimed property liability for all past reporting years, starting in 1991 through and including the 2010 reporting year.  The amount does not reflect any liability for equity property owed under the Abandoned Property Law.  The portion of the settlement amount that CA claims relate to (for reporting years 2009 and 2010) is $983,057.65.   Read More »

Posted in Abandoned Property Law, Escheat Law, Legislative Updates, Other News, Unclaimed Property Compliance | Comments (0)

Posted on Wednesday, 17th February 2010 by The Keane Organization

January 2010 was a busy month for state unclaimed property rules.

A major trend across many states, which is a hindrance to corporations and holders, is the reduction in dormancy periods.

Recent legislative, regulatory and legal developments that occurred during the month of January 2010 in the areas of unclaimed property law and regulation are summarized below, by topic: Read More »

Posted in Abandoned Property Law, Legislative Updates, State Escheatment | Comments (0)

Posted on Friday, 8th January 2010 by The Keane Organization

This Mississippi bill died in committee but shows how state legislators are proposing changes that make unclaimed property compliance more complicated for corporations.

The bill contemplated dormancy period reductions (which would increase the amount of property escheated) as well as a host of fines and penalties. Specific details of the proposal are shared below: Read More »

Posted in Legislative Updates, State Escheatment, Unclaimed Property Compliance | Comments (1)