Did you know that items you lose/leave behind may be turned in to the State Treasury? In fact, a lot of lost property is required to be turned in. And the Treasury office might keep it for quite a while, waiting for you to claim it. On the other hand, the states do auction ...
West Virginia April 30 Life Insurance Companies October 31 All except Life Insurance Companies Wisconsin November 1 All Companies Wyoming November 1 All Companies Take Action Concerned about tackling unclaimed property due dates and the complicated, state specific process on your own? Let Sovos hel...
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...
While it may not always be obvious at first, unclaimed property can have significant legal implications that practitioners should keep in mind. Sara Lima, Freda Pepper, and Autumn Homza, members of Reed Smith’s unclaimed property team, have significant experience in this area and can help...
Each year, the Treasury Department (Department) receives millions of dollars in unclaimed property from abandoned bank accounts, forgotten stocks, checks that have not been cashed, certificates of deposit, safe deposit box contents, life insurance policies and other sources....
In these situations, employers are legally bound by state law to return any uncashed paychecks to the state where the person last worked. Q: What Should Employers Do If They Cannot Find The Ex-Employee?A: Unclaimed paychecks are subject to escheat laws as unclaimed property. As such, the ...