Pwc (pag 5 & 6) further explains that the case of the New Jersey Retail Merchants Association, et al. v. Sidamon-Eristoff where the U.S. Court of Appeals 2012 affirmed the orders of the U.S. District Court for the District of New Jersey barring New Jersey from enforcing a "place of purchase" presumption for stored value cards and the retroactive escheatment of cards already issued. The Appeals Court also affirmed the District Court 's ruling that the "data collection provision," requiring stored value card issuers to collect and retain purchaser or owner information, was properly severable from the "place of purchase" presumption and, therefore the
District Court did not abuse its discretion in denying to enjoin the data collection provision. In addition, the Appeals Court affirmed the District Court 's ruling that New Jersey 's two-year abandonment period is not preempted by federal law.
Also the case of the American Express Travel Related Services, Inc. v. Sidamon-Eristoff where American Express Travel Related Services, Inc. (American Express) failed to demonstrate a likelihood of success on the merits in its challenge to the constitutionality of the amendments made to New Jersey 's unclaimed property statute affecting traveler 's checks. …show more content…
For example, in California, among it masses of claimants are basketball player, Kobe Bryant of Newport Beach, and famous actor, Al Pacino of Beverly Hills. Moreover in New York, the New York Comptroller holds property owned by former mayor, Michael Bloomberg. In Texas, Mark Cuban, the Mavericks owner and Shark Tank star has several accounts for unclaimed property; while in Florida, Miami Heat star, Dwayne Wade has property to claim too. Then Arizona has among its claimants the University of Arizona’s Main Library, College of Law and non-profit