Tag: Unclaimed Property

Liability Exposure for Delaware Incorporated Companies – The Risk of an Escheat Audit and Delaware’s New Voluntary Disclosure Program to Avoid Penalties

Jeff Wolters, Morris Nichols Corporate Law Counseling Group partner, and Mike Houghton, Morris Nichols Unclaimed Property Law Counseling Group partner, co-authored Liability Exposure for Delaware Incorporated Companies – The Risk of an Escheat Audit and Delaware’s New Voluntary Disclosure Program to Avoid Penalties  appearing in the April 2013 issue of TerraLex Connections... Continue Reading

Pending Legislation Would Create a Three-Year Voluntary Disclosure Opportunity for Holders, Managed by the Secretary of State, Featuring Shorter Look-Back Periods

On June 14, 2012, legislation drafted and supported by the administration of Delaware Governor Jack Markell which would implement significant changes to Delaware’s unclaimed property program was introduced in the Delaware General Assembly. Senate Bill 258, which is sponsored by Senate President Pro Tem Anthony J. DeLuca and House Speaker Robert F. Gilligan, would establish a three-year window... Continue Reading

Delaware Introduces Unclaimed Property Legislation, Would Reduce “Look-Back” Period and Require Request for Payment Within 3 Years

Legislation that would significantly reduce Delaware’s “look-back” period for enforcement of its unclaimed property laws and require the State Escheator to request payment for past due property within three years of the filing of a report was introduced last week in the Delaware General Assembly... Continue Reading

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