Keane's Unclaimed Property Blog

Dormancy Periods (24 articles)

Quick Guide: New York Escheat & Unclaimed Property Laws

Abandoned Property, Abandoned Property Law, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Are you interested in learning some of the key concepts of New York escheat and unclaimed property laws? Have a specific question about reporting, auditing or compliance? This page gives you key information pertaining to New York State escheat laws including reporting & compliance.

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Arizona Unclaimed Property Update: Changes to Certificates of Deposit

Banking, Dormancy Periods, State Escheatment

Arizona State Legislature recently made changes to their Unclaimed Property laws as HB 2023 was passed on April 10, 2012.  This new law adds language clarifying that a certificate of deposit cannot be presumed abandoned until after the initial maturity of the CD. Presently, Arizona unclaimed property law states that “a demand, savings or time […]

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Legislative Update – South Dakota Accelerates Escheatment of Banking Property

Banking, Dormancy Periods, Legislative Updates, State Escheatment

The escheatment of banking property in South Dakota may increase as HB 1270 was signed into law by Governor Dennis Daugaard. The dormancy period for banking properties was reduced from five to three years, making South Dakota the 22nd state since 2007  to pass legislation reducing dormancy periods. To recap, the following types of unclaimed property […]

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New Unclaimed Property Law in Northern Mariana Islands Targets Dormant Bank Accounts

Banking, Dormancy Periods, Legislative Updates, State Escheatment

Dormant bank accounts are the focus as another U.S. territory puts an unclaimed property law on its books. On February 6, 2012, the Commonwealth of the Northern Mariana Islands (CNMI) enacted a new law called the Escheat Act of 2011. The new law increases the number of U.S. unclaimed property reporting jurisdictions to 55. CNMI […]

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Delaware and Illinois Clarify Intent to Enforce Activity Driven Unclaimed Property Laws

Brokerage, Compliance, Dormancy Periods, State Escheatment, Unclaimed Property Law

Unclaimed Property laws are complex and often difficult for holders to interpret. This complexity also makes the unclaimed property laws challenging to enforce. However, as states continue to closely monitor their budgets and look increasingly to unclaimed property as a source of revenue, once-previously overlooked provisions are now being enforced in an effort to increase […]

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