On April 1, 2016, House Bill 4739 was enacted in West Virginia, creating an Unclaimed Life Insurance Benefits Act. This makes West Virginia the 28th state to either enact or propose legislation regarding unclaimed life insurance benefits.
Compliance, Public Corporations
A California Court’s decision regarding unclaimed merchandise return certificates may have far-reaching impacts on the escheatment of gift instruments and the retail industry as a whole.
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.
Compliance, Unclaimed Property Law
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.
Compliance, Unclaimed Property Reporting
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, […]
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