Skip to main content

Posts

Featured

New York Unclaimed Property - Proposed "Electronic Contact" Rule

  The New York Office of Unclaimed Funds ("OUF") has published a new proposed administrative rule relating to “electronic contact” for public comment. Under New York law, the dormancy period for abandoned property is generally terminated and reset by owner-generated “contact” with the holder.  The OUF’s proposed regulation puts in writing something that most unclaimed property holders are already doing – equating various types of electronic events as owner "contact" for purposes of the Abandoned Property Law. The new regulation expressly provides that “[e]vidence of electronic contact or electronic account activity within the relevant dormancy period . . . can be cited to prevent the property from being deemed abandoned.”  The regulation also specifies two types of electronic contact that will suffice as such evidence: (1) the receipt of email from the account holder “that matches the registere

Latest Posts

New Brunswick Unclaimed Property Act Comes Into Force

Wisconsin Passes Modified Version of 2016 Uniform Act

The Business Case For Taking Unclaimed Property Compliance Seriously

Washington D.C. Adopts Version of 2016 Uniform Unclaimed Property Act*

North Dakota Passes Revised Uniform Unclaimed Property Act

Unclaimed Property 101 - Part 1

California Unclaimed Property Regulator Suffers Hack

Unclaimed Property Due Diligence - The Case for Doing More

Delaware Reporting Update: State Advises of Change to Bank Account Information for Remittances

New Jersey Unclaimed Property Regulations Up For Public Comment