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Showing posts from January, 2017

Proposed Delaware Legislation on the Fast Track

The unclaimed property community is abuzz regarding new legislation in Delaware that is being touted as a fix for the numerous deficiencies and questionable practices that a federal court  vigorously criticized last summer.  The new legislation --  Senate Bill 13 -- is intended to fix the problems identified by U.S. District Court Judge Gregory M. Sleet in  Temple Inland v. Cook , as well as to adopt some of the new proposals set forth in the  Revised 2016 Uniform Unclaimed Property Act . Among some of the highlights of the proposed legislation include: a uniform due diligence requirement; more clarity on what information constitutes a last-known address; notice to the owner by the State Escheator for certain types of property; clearer standards for determining when a debt has been discharged; a 10 year record retention provision; While these are all welcomed potential developments, what really has the unclaimed property community intrigued are the provisions relating to a