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ARTICLE · 21 MAY 2014

State AGs In The News 15 May 2014

Blank Rome
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All 50 states have unclaimed property laws that require companies that possess abandoned property to transfer that property to the state.

United StatesConsumer Protection
Bernard Nash
Bernard Nash
Milton Marquis
Milton Marquis
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Blog Post: Think You're Not a Holder of Unclaimed Property? Think Again!

  • All 50 states have unclaimed property laws that require companies that possess abandoned property (a "holder") to transfer that property to the state or potentially face investigations resulting in interest and penalties. Many companies limit their unclaimed property due diligence to traditional types of unclaimed property like wages and accounts payable. This may no longer be enough.
  • States consider unclaimed property an important revenue stream, accounting for nearly $41.7 billion in property currently held on behalf of individuals and businesses according to the National Association of Unclaimed Property Administrators. State administrators are beginning to focus on potential new types of unclaimed property, such as life insurance proceeds, health savings accounts, securities, gift and stored value cards, and promotional programs.

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