The Charleston Post & Courier has an article about the boost provided to South Carolina's budget as a result of unclaimed property collections. Just as lawmakers were putting the finishing touches on the state budget, State Treasurer Curtis M. Loftis, Jr. announced that unclaimed property estimates for the year would rise by nearly $50 million. The article notes that some of the excess resulting from unclaimed property and other increases was used to reduce cuts to educational and hospital programs.
Showing posts from March, 2015
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Earlier this summer a company called Temple-Inland commenced a lawsuit against the State of Delaware, challenging the findings of a Kelmar-initiated unclaimed property audit, especially as to how estimated liabilities are calculated. In particular, Temple-Inland alleged that Delaware made an audit demand in excess of $1 million for estimated historical unclaimed property liabilities after having identified only about $150 in actual liability. Delaware promptly moved to dismiss that litigation (that is, that the court should not even hear the dispute) and Temple-Inland responded by asking the Court for summary judgment (an order that Plaintiff is entitled to judgment as a matter of law, without the need for a trial) on the grounds of federal preemption. Wednesday afternoon, the trial court issued its decision on the dueling motions. In sum, both parties' attempts for a quick knockout were largely rejected, and the case will continue. The one substantive decision that the