While it has become more prevalent in recent years to see holders file suit against states, and auditors alleging overbroad and aggressive application and enforcement of unclaimed property laws – it is far less common to see disputes covering such issues arise between the states themselves. Yet, Pennsylvania and Delaware find themselves in a battle over $10 Million in unclaimed official checks.
Despite denying the writ of certiorari for Taylor v. Yee, Supreme Court Justices Samuel Alito and Clarence Thomas noted in their concurring opinion that future cases may warrant a review of state escheat and unclaimed property laws. A history of the case since its inception is outlined below.
An additional wave of Delaware VDA invitations were mailed earlier this month to between 100 and 300 holders in an effort to prompt participation in the Unclaimed Property Voluntary Disclosure Program overseen by the Secretary of State. These notices serve as a formal invitation to enroll in the VDA program, thus allowing the participating company, or holder, […]
The hope of the new VDA and audit manual was that it would provide holders with clear predictability of exam expectations. Generally speaking, however, the proposed regulations are vague, lacking detail, and include areas of concern for the holder community.