Unclaimed Property Audit (40 articles)
On November 1, 2016 Michigan 3791 2015 revised the proposed administrative rules regarding unclaimed property audit procedures and rules, which were originally filed on February 15, 2016. The revised proposal addresses the many intricacies of Michigan unclaimed property audits. Michigan was accepting comments and feedback from the holder community. The deadline to comment on the […]
The dismissal of the Marathon/Speedway case leaves many questions unanswered – including issues which could provide important guidance to Delaware and to holders with regard to audit practices and more specifically with regard to gift card liability.
The Delaware Secretary of State issued a statement regarding the impact of the federal district court’s decision in the Temple Inland case on the VDA program his office administers. Bullock acknowledged that the decision was “critical of several specific actions taken by the State Escheator during the course of that audit,” but indicated that the case is “limited to the specific facts and circumstances of the unclaimed property audit at issue in the case.”
Office Depot and NACCS allege that Delaware’s initial document request (“IDR”) was overly broad and included irrelevant information; particularly information pertaining to purported unclaimed gift cards that may be due or was reported to states other than Delaware.