Michael Houghton Quoted by Bloomberg BNA on New Law Revising Delaware Unclaimed Property Program
In an article titled, “Delaware Revamps Unclaimed Property After Lawsuits,” Morris Nichols partner Michael Houghton spoke with Bloomberg BNA about unclaimed property legislation enacted by Delaware Gov. John Carney on February 2, 2017. “This is an absolute and complete revision of the Delaware law,” he said. “The entire Delaware unclaimed program statute has been rewritten.”
Mike explained the major reforms in Senate Bill 13 respond to “the growing drumbeat of dissatisfaction from the national corporate community about the Delaware unclaimed property program.” S.B. 13 responds to recent lawsuits and the Delaware District Court’s decision in Temple-Inland and includes reforms developed in the Uniform Law Commission’s 2016 Revised Uniform Unclaimed Property Act (“RUUPA”). Mike co-chaired the RUUPA drafting committee.
Learn more about S.B. 13 in our recent client alert.