Delaware has maintained 60-year grip on funding source of abandoned and unclaimed property. Delaware’s recent loss at Supreme Court when Pennsylvania, Wisconsin, and Arkansas defeated Delaware’s claim to certain prepaid money transmission instruments after deemed abandoned.
Delaware has maintained a nearly 60-year death-grip on its lucrative funding source of abandoned and unclaimed property. Another finger on that grip was loosened by Delaware’s recent.
All nine Supreme Court Justices sided with a group of 30 states in a dispute with Delaware over hundreds of millions of dollars of unclaimed checks issued by MoneyGram, a money transfer.
Unclaimed property audits and compliance changes will challenge many US companies in 2023. Any company that is not filing annual reports will be at risk of an expensive multi-year.