Unclaimed Property Case Study

901 Words 4 Pages
Implications of State Laws on Unclaimed Property
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
…show more content…
Court of Appeals for the Third Circuit. Washington 2011 WA H 2169, signed by the Governor December 20, 2011. The legislation provides that the Department of Revenue (DOR) must sell all securities received under the unclaimed property program as soon as practicable unless, in the judgment of the DOR, the securities are worthless, cannot be sold, or are not cost-effective to sell. Owners of stock making a claim under the Unclaimed Property Act are entitled to the proceeds received from the sale less administrative costs, or the stock if the DOR has not yet ordered the sale of the …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

Related Documents