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 (179 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.
On June 28, 2019, the Superior Court of Delaware issued an Order for Entry of Final Judgement for damages and penalties in The State of Delaware, ex. rel. William Sean French v. Overstock.com, Inc. (C.A. No. N13C-06-289 PRW CCLD). In September 2018, a jury found that Overstock had knowingly violated the Delaware False Claims Act […]
On June 11, 2019, the California Attorney General filed a Complaint in the Superior Court of California, County of San Francisco (CGC-19-576620), alleging that ClubCorp violated California’s False Claims Act (CFCA) and the California Unclaimed Property and Unfair Competition laws when it knowingly omitted in its unclaimed property reports approximately $10 million in unclaimed initiation […]
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 […]