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Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure agreements.
Defining, reporting, and liquidating virtual currency
Adopting a permanent expedited audit program
Rescheduling statutes of limitation, audit periods, and dormancy periods
Two unclaimed property bills were introduced in the Delaware State Senate on April 14, 2021. The first, SB 103, would “expressly” include virtual currency as escheatable property and, as currently proposed, would become effective on August 1, 2021. The second, SB 104, purportedly “clarifies various aspects of the State’s procedures,” “confirm[s] current examination practice” and “address[es] recent court decisions,” and provides for an effective date of August 1, 2021 for certain but not all of the provi
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