As the East Coast prepares for its first major snowstorm of 2016, we take a quick look at some recent stories concerning the dollar value of unclaimed property held by state governments. California -- Over $8 billion Connecticut -- $710 million Illinois -- Over $2 billion Maryland -- Over $1 billion New York -- Over $14 billion According to the National Association of Unclaimed Property Administrators, the states collectively are holding in excess of $40 Billion in unclaimed property for the rightful owners of those sums. Like so many snowflakes, those misplaced pennies add up.
Showing posts from January, 2016
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Welcome to 2016. What unclaimed property issues will come up over the next 365 (actually, 366 ) days? While you can never be sure, here are some stories that we will be keeping an eye on. Lawsuits, Lawsuits, Everwhere -- More and more holders are challenging state audit procedures, practices, and results. The Unclaimed Property Professionals Organization has a great roundup that we needn't repeat here, but cases are pending challenging Delaware's estimation techniques ( Temple Inland v. Cook ), the legality and use of gift card subsidiaries ( French v. Card Compliant ), federal preemption ( National Freight v. Sidamon-Eristoff ), and a variety of other issues. A decision in any one of these cases could have a significant effect on unclaimed property practices. Revision to the Uniform Unclaimed Property Act -- The Uniform Law Commission of the National Conference of Commissioners on Uniform State Laws is continuing its efforts to revise the Uniform Unclaimed Property