The introduction of the 2016 Revised Uniform Unclaimed Property Act (RUUPA) by the Uniform Law Commission has prompted state legislatures to review their often antiquated unclaimed property laws, and in many cases introduce legislation to amend or wholly revise these laws. In addition to RUUPA, state legislators may now also refer to the American Bar […]
Legislative Alerts (177 articles)
Here you can find updates on unclaimed property laws, rules, and regulations. Unclaimed property legislation varies from state to state, and is different depending on the type of property. Check back frequently for legislative alerts and breaking unclaimed property news as it happens.
NY Supreme Court Win for Life Insurers in $14 Billion Whistleblower Case On April 3, 2019, in Total Asset Recovery Services, LLC vs. Met Life Inc., No. 115336/2010 (NY Sup. Oct. 3, 2019), the Supreme Court of the State of New York, County of New York, granted a motion to dismiss in favor of defendant […]
As increasing retirement savings continues to be a concern among Americans, will the rules surrounding unclaimed IRAs and 401(k) plans change? May 2018: IRS Issues Revenue Ruling 2018-17 Regarding Unclaimed IRAs The escheatment of an IRA account constitutes a designated distribution, subject to a 10% federal withholding. Trustees/custodians of the IRA must issue a 1099R […]
At Keane, our top priority is ensuring the security of our customers’ information. On a continual basis, we diligently track unclaimed property scams, consumer complaints, and concerns about the legitimacy of our business. There are some legitimate unclaimed property tracers and finders that reach out to owners or heirs whose assets have already been turned […]
Univar alleges that the unclaimed property audit spearheaded by Kelmar violates a number of its constitutional rights, including substantive and procedural due process rights, the right to equal protection and the right to be free from unreasonable searches and seizures, and that it constitutes a taking of private property without just compensation.