escheatment


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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.
Property that may be subject to escheatment, depending on the state, might include, but not be limited to, bank accounts, life insurance demutualization proceeds, gift cards or gift certificates, life insurance or annuity proceeds, insurance refunds, money orders, recovery of miscellaneous closing costs from property sales, stock accounts, mutual funds, IRAs or retirement accounts, safe deposit box contents, wages, abandoned business property, property of a decedent, and utility deposits.
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.
(114) The first of these methods is through escheatment. (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.
WebSeries 3.0 also includes a new check management module featuring browser-requested stops, voids, re-issues, payment status and escheatment of paper payments.
234, 236-45 (1997) (concerning an escheatment provision); Dolan v.
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.