As summer heats up, so too is the amount of litigation being brought by holders challenging the unclaimed property audit processes and third-party auditor assertions to certain classifications of property. In this first of two entries, we will focus on National Freight, Inc. v. Sidamon-Eristoff, et.al.
The Court ruled that life insurers have no duty under the West Virginia Unclaimed Property Act (UPA) to search the Death Master File (DMF), but that the insurers still have an obligation to report unclaimed life insurance benefits three years after the owner dies.
On June 16, 2015, Senate Bill 141 was introduced in Delaware. This legislation modifies Delaware’s unclaimed property laws in accordance with the recommendations of the Delaware Unclaimed Property Task Force which met over several months during 2014. The bill seeks to amend Delaware’s audit requirements and the voluntary disclosure program currently in place through the […]
Compliance, Unclaimed Property Reporting
Attention unclaimed property professionals! Mark your calendars for three dates this summer to join us at one of our regional unclaimed property seminars to be held in St. Louis, Missouri, Phoenix, Arizona, and Palo Alto, California. These regional unclaimed property holder seminars are outstanding opportunities to further your escheatment education while having the chance to have your state-specific […]
Seasoned unclaimed property reporting veterans understanding the importance of beginning the fall reporting season on the right foot. With nearly two-thirds of all jurisdictions having fall escheat reporting deadlines, it’s imperative for organizations with reporting obligations in these states to begin the process well in advance of the October 31st / November 1st deadline. A well […]
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