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Delaware Unclaimed Property Law - 2011/2012

Commercial Law Counseling

"This prestigious practice sustains its position at the top of the market and impresses clients by consistently hitting the mark without wasting a single breath.  With an impressive armory of resources, it is responsive and accessible, and is a favorite of clients for structurally complex international projects and joint ventures."

- Chambers USA

The Commercial Law Counseling Group provides a complete range of commercial law services to Morris Nichols’ local, national and international clients.  The Group handles a variety of complex transactions, including mergers, asset acquisitions and sales, joint ventures, leasing transactions and financing, bankruptcy related transactions, and business startups, as well as the preparation of contracts of all types.  In addition, because Delaware law is often selected as the governing law for major national and international transactions, the Group works with both in-house and regular outside counsel in the structuring and documenting of such transactions and provides legal opinions required at closing.

Alternative Entities.  Delaware has the most advanced statutes governing the formation and operation of limited liability companies, general and limited partnerships, and statutory business trusts.  These alternative entities are often required in complex transactions for structural flexibility and optimal tax treatment.  Typical applications for alternative entities include investment funds, joint ventures, holding companies, securitization vehicles, collateral trusts and mutual funds.  The Commercial Law Counseling Group provides specialized advice and legal opinion services for all types of alternative entity transactions.

Banking and Financial Services.  The Commercial Law Counseling Group represents lenders, borrowers, issuers, and investors in all forms of financing transactions.  Morris Nichols’ institutional financing clients include banks, S&Ls, insurance companies, finance companies and credit corporations.  The Commercial Law Counseling Group provides bank and insurance regulatory counseling and represents clients before the Office of the State Bank Commissioner and the Department of Insurance.

Governmental Affairs.  The Commercial Law Counseling Group represents clients before legislative bodies and city, state and federal agencies on diverse topics including bank, insurance, environmental and utility regulation as well as unclaimed property issues.  The Group drafts legislation and regulations that affect client businesses and provides ongoing review of legislative and regulatory developments.  The Group also advises public sector clients on matters such as labor and employment law, financing, construction, bidding procedures and general contract law.

Real Estate.  The Commercial Law Counseling Group provides a complete range of real estate law services to corporate, institutional and other clients, including institutional lenders, institutional and entrepreneurial developers, local business interests, charitable foundations, families and individuals.  The Group provides legal advice with respect to planning, zoning, subdivision and development of real property, environmental matters and contracts for purchase and sale of residential and commercial property.  The Group represents lenders and borrowers in the financing, acquisition and development of residential, commercial and industrial property, and landlords and tenants in the leasing of property of all types.

Unclaimed Property.  Morris Nichols’ Unclaimed Property Counseling Group has advised numerous holders, including Fortune 500 companies, on the various issues arising from compliance with state unclaimed property laws, with a particular focus on defending audits conducted by Delaware and its contract auditors as well as completing voluntary compliance agreements on a multistate basis.  Attorneys from the Group have played an integral role in drafting recent amendments to Delaware's unclaimed property statutes and helped draft the Delaware Division of Revenue regulations regarding unclaimed property and audit procedures and voluntary disclosure procedures for holders.  The Group offers expertise for holders seeking to appeal audit findings under Delaware's new administrative review process, which was established by legislation that Morris Nichols attorneys also helped draft.

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T: (302) 658-9200    1201 North Market Street, 16th Floor, P.O. Box 1347, Wilmington, DE 19899-1347