Revised Uniform Unclaimed Property Act Finalized for State Enactment—Legislative Drafting Notes and Interpretative Comments Added

Summary

The fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission for state enactment. The new Prefatory Note, Legislative Notes, and Comments components offer further explanatory guidance on the Act.

In Depth

Years in development, with thousands of pages of comments submitted by interested parties, the fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission (ULC) for state enactment. The version now available includes a Prefatory Note, Legislative Notes, (Notes) and Comments (Comments) components. The Prefatory Note is an overview of the history of unclaimed property laws and the process and issues relating to this new act. Legislative Notes are directions to state legislatures as to how to conform elements of the Act to specific