Monday, March 21, 2011

Delaware Abandoned Property Collection "Well Above" Expectations

In these trying times for the economy, its nice to know that some folks are still doing well.  Take the Delaware Abandoned Property Division:  according to this article from Delaware Online, the Delaware Economic and Financial Advisory Council (DEFAC) has approved revised projections "showing a $78.6 million increase for the current fiscal year versus estimates last made in December."  From the fact that we are noting this on Escheatable, you can guess where some of that money comes from.  According to reporter Chad Livengood:

"DEFAC's new estimate for 2012 shows revenue from abandoned property breaking the $390 million Markell budgeted for by $35 million. Abandoned property, or escheat, revenue is "well above what we were expecting," said Deputy Finance Secretary David Gregor."

Although we've often made the point here (not to mention here, here, and here), it bears repeating that unclaimed/abandoned property often makes up a sizable percentage of state revenue.  Accordingly, remember that at precisely those times when unclaimed property seems like the least of your priorities, it may become more important to the states.

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