Thursday, November 17, 2011

New Quebec Unclaimed Property Act

While our focus here is generally on U.S. escheat laws, there is a whole developing world of unclaimed property regulation out there.  In Canada, for example, certain provinces have unclaimed property laws, while others do not.  One of the provinces that does is Quebec, which passed a new unclaimed property law this summer. 

The new law applies to a variety of property types, including
  • bank deposits,
  • checks (actually, cheques), 
  • securities, 
  • demutualization proceeds, 
  • trust property, 
  • property held in safe deposit boxes,
  • insurance proceeds,
  • pension funds, and
  • other property to be determined by regulation
Most of these items are subject to a 3 year dormancy period.  The new law also provides for audits and penalties for noncompliance.

2 comments: