Monday, March 10, 2014

Unclaimed Property's "Second Season" Has Begun

Welcome to unclaimed property's "second" (but no less important) season - the Spring reporting period.  In the vast majority of states (approximately 40), unclaimed property reports are due in the fall (October 31 or November 1) for all property deemed abandoned as of the previous summer (June 30 or July 1).  While that crush of reports may create anxious times for unclaimed property professionals, the sizable minority of Spring reporting states contains some heavy hitters.  Among the spring states are (dates are for general corporations - life insurers and other entities may have other dates):

Connecticut - reports due March 31
Delaware - reports due March 1
Florida - reports due April 30
Illinois - reports due April 30
New York - many reports due March 10
Pennsylvania - reports due April 15
Tennessee - reports due April 30
Vermont - reports due April 30

Moreover, given the recent changes to some states' unclaimed property laws, there will be precious little time to breath a sigh of relief after the Spring reporting period ends and the "Summer" reporting period (which did not exist a few years ago) begins in Michigan and Texas.

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