For example, if a bank account is inactive for an extended period of time, your state can claim the funds in your account in a process known as escheatment. What is escheatment? Definition of escheatment Escheatment is the process of a financial institution handing over unclaimed property...
Unclaimed property laws continue to be one of the most fluid concerns for issuers. The ever-changing efforts by states to streamline escheatment, combined with the inherent complexity of 50 separate states doing things on their own, results in a laundry list of rule changes. Here's a bri...
Incommunity propertystates, spouses are considered to be joint owners of any property acquired during the marriage and are typically entitled to at least half of the estate. Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin, a...
The year 2024 has seen a number of legislative developments impacting state gift card compliance issues, including in the unclaimed property and consumer spaces. In particular, states have been actively adopting and changing rules around the escheatment of unused gift card balances, as well as requ...
(1) is a prepaid written instrument used to transmit money to a named payee; and (2) will inequitably escheat to the holder's state of incorporation under the federal common law's secondary escheatment rule due to the holder's business practice of not retaining a record of the ...