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Upon examination, a secondary state's unclaimed property auditor may attempt to escheat funds exempt from escheatment by the primary state.
This Note will focus on the constitutional concerns raised by two specific techniques employed by states that have resulted in the escheatment of large quantities of unclaimed property: the use of contract auditors paid on a contingency basis to make unclaimed-property assessments against holders, and state and auditor reliance on statistical modeling and estimates to make assessments against holders when their unclaimed-property records are deemed incomplete or inadequate.
115) Although the original escheatment provision under ILCA was held to be an unconstitutional taking, (116) AIPRA's amendments provide escheatment only by means of exhaustion of eligible heirs through intestate succession.
The County acquires both commercial and residential properties in a variety of methods including, foreclosure, tax escheatment and donations.
And there are no escheatment issues of the type companies encounter with checks, he said.
Through the April 2011 agreement, the John Hancock companies were the first life insurers to agree to turn over to state unclaimed property officials, including Chiang, their unclaimed life insurance, annuity, and retained asset account benefits that were held past state escheatment deadlines, so that unclaimed property officials could search for beneficiaries.
The IDD goes on to list, but does not discuss, a number of other issues that are categorized as Part B issues: gift cards versus gift receipts; reloadable gift cards; deposits; gift cards as refunds; dormancy fees; escheatment to states; bulk sales discounts; promotional gift cards; charitable contribution of gift cards; estimated cost of goods sold; franchisee/franchisor gift cards; expiration dates; and Rev.
Escheatment of gift cards creates challenges for both businesses and regulators.
The Claims Payment Analytics Tool automatically identifies duplicate payments, detects "failure to review terms" errors, provides notification to avoid escheatment, and prevents compliance errors.