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ARTICLE · 12 JULY 2017

Unclaimed Property Blog

Duff and Phelps
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Failure to address this sleeping giant suggests continued litigation on Delaware's audit practices despite the changes proposed in S.B 13.

United StatesAccounting and Audit
Robert Peters
Robert Peters
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Delaware's New Unclaimed Property Proposed Legislation: The Elephant in the Room

Nearly 7 months out from the federal district court's Temple-Inland decision to drastically reduce Delaware's audit practices by taking aim at the constitutional deficiencies within the State's unclaimed property law, Delaware has introduced legislation (S.B 13) intended to remedy some of the constitutional flaws by re-writing its unclaimed property statute. However, while the pending legislation addresses some of the issues identified by the court (a revised period of limitation and the inclusion of a record retention provision), it is silent on one of the seminal issues for which the state was chastised - its methodology used in extrapolations. 

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