Keanotes

Looking for escheat laws for each state? Get started with our guide to state unclaimed property laws.

Subscribe to Keanotes®: Stay Up to Date with Unclaimed Property News, Laws and Trends

Escheat laws by state can be difficult to keep track of, as no two states interpret unclaimed property in the same way. State escheatment laws can differ based on a variety of factors, including property type, dormancy period, and compliance requirements, among other factors.

Keanotes®, our industry leading compliance journal, eases the burden of tracking the various escheat laws by state by providing an in-depth view and analysis of unclaimed property regulations and state escheatment laws. Keanotes also includes editorial coverage of ongoing legislation changes, legislative summaries of escheat rules by state, guest columnists from state and industry professionals, Q&A sessions, continuous interpretation and recommendations to effectively comply with unclaimed property laws while increasing your company’s bottom line.

The compliance experts at Keane can help to keep you up to date the various escheat laws by state by providing real-time alerts when significant changes are made to unclaimed property regulations and state escheatment laws. Subscribers to Keane’s Unclaimed Property Compliance Portal will also receive access to view additional details on the legislative change, including a summary of the legislation and an analysis of its impact.

Click on the button below to register for Keanotes®. You’ll receive a notification when new issues are published and real-time alerts for changes in escheat laws by state. For information on subscribing to Keane’s Unclaimed Property Compliance Portal, please visit www.keanecompliance.com.

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Contents of Latest Issue

Audit Trends

By Ann Fulmer, National Practice Leader

We encourage states to recognize that audits can also create undue hardship on companies that are striving to do the right thing.

Audits, How Many States Will Jump On?

By Laurie Andrews, Director of Consulting

When an audit is initiated, it is usually led by one or more states, quite often with your company’s state of incorporation involved. Other states may join this audit in hopes that the auditor will find past-due property that is due to their state. But why would another third-party auditor or state initiate a separate audit?

Mergers & Acquisitions, Exposing the Unexposed Risk

By Gary Joseph – Senior Manager, Consulting & Advisory Services Team, and Cornel Lupul – Senior Manager, Consulting & Advisory Services Team

The inherent unclaimed property exposure associated with mergers and acquisitions (“M&A”) is nothing to ignore. Many companies have found themselves the unfortunate inheritors of past due unclaimed property obligations that were not accounted for throughout purchase negotiations.

Obligations for Nonprofit Organizations

By Gary Joseph, Senior Manager, Consulting & Advisory Services Team and Paola Narez, Senior Manager, Consulting & Advisory Services Team

Nonprofit organizations have the potential to generate unclaimed property and may be subject to the same unclaimed property laws (i.e. escheat laws) as organizations in other industries.

An Oil & Gas Bankruptcy Related Ruling – Why Does This Matter?

By Heather Gabell, Director of Compliance and Gary Joseph, Senior Manager, Consulting & Advisory Services Team

In May 2016, Linn Energy, LLC (“Linn”), an oil and gas company operating in Texas and Oklahoma, along with fourteen of its affiliates, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. As creditors, both the Oklahoma State Treasurer (“OK Treasurer”) and the Texas Comptroller of Public Accounts (“TX CPA”) filed proofs of claims with the bankruptcy court.

Poor Last Known Address Data Quality Can Lead to Rejected Reports

By Joe Pollock, Senior Vice President of Unclaimed Property Reporting Operations

An increasing number of states have begun to reject reports for properties that have inaccuracies like those listed above. If you are fortunate, the state will accept confirmation that the reported address is the best address that is available, and no amended reports are needed. On occasion, the state may request that you correct the inaccuracies in the address. If you are less fortunate, the state will reject the property, which has larger ramifications.

New Federal Laws Affecting IRA Escheatment

By Heather Gabell, Director, Compliance

NAUPA issued guidance in November 2019 related to the mechanics of reporting IRAs to the states, incorporating the NAUPA Standard Deduction and Withholding Code (“TW”) to represent the income tax withheld.

KUPS Update

By Joe Pollock, Senior Vice President of Unclaimed Property Reporting Operations

Our convenient client dashboard, shown below, facilitates simple management of workflows, documents, and timelines. The dashboard makes it easy for clients to be aware of where they are in the reporting process.

Consistent Holder Advocacy in the Wake of Recent RUUPA-Influenced Legislation

By Heather Gabell, J.D., Director of Compliance

The fact that states have enacted modified “RUUPA-like” bills illustrates the ongoing tension between holders and state administrators as they attempt to balance often-competing interests.

Litigation Update

By Heather Gabell, J.D., Director of Compliance

As Delaware continues mailing invitations to certain holders for participation in the Secretary of State’s Voluntary Disclosure Agreement (VDA) program, the state is also facing a rising number of audit-related complaints in federal court.

Keane Expertise Spotlight: Ray Boone, Executive VP Reporting & Consulting

By the Keane Team

Keane’s National Consulting & Advisory Services team has reported to Ray for the last two years. He has helped enhance the team with great leadership and experience. Under his guidance, and the direction of the National Practice Leader, Ann Fulmer, the department continues to exceed expectations and to provide excellent service to our customers by assisting holders with all their Unclaimed Property needs (e.g., Policies and Procedures, Risk Assessments, Audit Support, Delaware VDA’s, Risk Reduction, etc.).

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