The issues center on which state has jurisdiction over $150 million in uncashed official checks. Both Delaware and a group of 21 other states have laid claim to all or a portion of the $150 million sum citing federal common law and the federal Disposition of Abandoned Money Orders and Traveler’s Checks Act, respectively.
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.
Signed into law by Governor Rauner on August 26, 2016, IL HB 4633 creates the Illinois Uniform Unclaimed Life Insurance Benefits Act and amends the state Insurance Code. This bill will become effective on January 1, 2017 and details the requirements and procedures to which insurers must adhere to ensure compliance. This includes identifying deceased insureds and […]
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.”
On August 16th, the Delaware Federal District Court dismissed the lawsuit brought by Plains All American Pipeline against certain Delaware Department of Finance employees and Delaware’s contracted auditor, Kelmar Associates in regards to an unclaimed property audit. The court ruled that Plains did not have standing to sue Kelmar and that the allegations against the state officials were not ripe for judicial review.