Keane's Unclaimed Property Blog

Unclaimed Property Law (49 articles)

Gift Card Escheatment Laws

Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Escheat Law, Escheatment, Gift Card Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Update 2019: Are gift cards escheatable? Unfortunately, the answer is not simple as each state and territory have different unclaimed property laws regarding gift cards and the time before escheatment. These differences in state laws impact gift card breakage, the revenue companies gain through unredeemed gift cards. The Electronic Funds Transfer Act and the Consumer […]

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Escheatment Audit: Kelmar Associates Increasing Focus on Equity & Debt-Related Property in Enforcement Audits

Escheat Audits, Unclaimed Property Law

Kelmar Associates has been retained as the third-party auditor initiating a recent surge in multi-state examinations that has taken place in recent weeks. These unclaimed property audits of public corporations are specific in scope to securities or equity-related property. During this period of increased audit activity, audit notices on behalf of multiple states were sent directly to an individual at the issuer/holder or to representatives at the relevant commercial stock transfer agent.

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Delaware Enacts Less Controversial Recommendations of its Unclaimed Property Task Force

Compliance, Legislative Alerts, Unclaimed Property Law

On January 29, Delaware Governor Jack Markell signed into law Senate Bill 11 which enacts the less controversial recommendations of the Delaware Unclaimed Property Task Force (DETF).   The DETF made nine recommendations in its final report issued in December, 2014.  Senator Bryan Townsend, a co-chair of the DETF was the chief sponsor of SB 11.

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