Blog Posts by "JMS Advisory Group"
Unclaimed Property? No. Escheat? Yes
Posted on Feb 22, 2012 by JMS Advisory Group, LLC |
A Nevada court shows us all the true meaning of the term “escheat”. link here Which, according to Black’s Law Dictionary is defined as, “A reversion of property to the state in consequence of a want of any individual competent to inherit.” As consultants, we often ...
Tagged: unclaimed property, escheat, unclaimed property reporting, escheat consulting
Florida Unclaimed Property: A Follow-Up
Posted on Feb 22, 2012 by JMS Advisory Group |
A week ago, we reported a story regarding the current tussle in the Florida legislature regarding the requirement that holders provide social security numbers as part of the owner detail submitted to the state on unclaimed property reports. Today, the University of Florida issued a press release ...
Tagged: florida unclaimed property, florida escheat, social security number, florida privacy
Florida Unclaimed Property & Social Security Numbers
Posted on Feb 14, 2012 by JMS Advisory Group |
The Florida state CFO wants to eliminate his agency’s longstanding policy of providing social security numbers to firms that seek to locate unclaimed property. Seems like a reasonable proposition, but for some reason state Senator Jack Latvala is opposing the measure. Story here
Tagged: florida unclaimed property, florida escheat, asset recovery, florida unclaimed funds
Illinois Unclaimed Property Legislation
Posted on Feb 13, 2012 by JMS Advisory Group |
The drones in Springfield have been busy: Illinois H.B. 4689 Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that the term “gift certificate” includes a credit slip issued by a store to a consumer who returns goods that enables the consumer to receive other g...
Tagged: illinois unclaimed property, unclaimed property legislation, illinois escheat, retail credits
Gift Certificates & Gift Cards in Utah - New Legislation
Posted on Feb 13, 2012 by JMS Advisory Group |
If passed in Utah, this new law declares “a supplier commits a deceptive act or practice if the supplier knowingly or intentionally: issues a gift certificate, instrument, or other record in exchange for payment to provide the bearer, upon presentation, goods or services in a specified amou...
Tagged: gift cards, utah unclaimed property, gift card legislation, gift cards escheat
Delaware Chancery Rules Against Staples in Escheat Case Regarding Unclaimed Rebates
Posted on Feb 8, 2012 by JMS Advisory Group |
Februrary 2, 2012 – Staples, Inc. lost its challenge to Delaware’s unclaimed property law, wherein it argued that rebates are not an escheatable type of property under Delaware Escheat statutes. The Chancery Court determined otherwise, ruling that whether “rebates” are in...
Tagged: delaware escheat, delaware audit, delaware unclaimed property, staples escheat
In Re: BOYD - Property Locators & Bankruptcy Proceedings
Posted on Feb 7, 2012 by JMS Advisory Group |
Interesting that the court affirms other rulings that permit asset recovery firms & their agents to make claims for unclaimed property in the various courts – but there’s a limit to the leniency…once things get too “complex”, counsel is required. Opinion Here
Tagged: asset recovery, bankruptcy funds, bankruptcy proceedings, unclaimed property
The 55th Jurisdiction?
Posted on Feb 7, 2012 by JMS Advisory Group |
As reported by the Saipan Tribune: Gov. Benigno R. Fitial just signed into law The Escheat Act of 2011 – which allows the government of the Commonwealth of the Northern Mariana Islands (“CNMI”)to have access to dormant or inactive bank accounts, and unclaimed funds for the acco...
Tagged: unclaimed property reporting, unclaimed property compliance, escheat reporting, banks escheat
State of Wash. Pays 108,441 Claimants in 2011
Posted on Feb 3, 2012 by JMS Advisory Group |
Which, according to the Washington DOR, is due in large part to a sharp increase in businesses reporting unclaimed property to the state. View Article Follow us on twitter – get these updates & stories pushed straight to your account! @escheatexpert
Tagged: unclaimed property, escheat, washington escheat, missing money
Two Insurers Sued Over Unclaimed Policies
Posted on Jan 25, 2012 by JMS Advisory Group |
This might be a new low for asset recovery firms, although if it works, who can blame ‘em? That’s serious money… http://on.wsj.com/ynyaX5. Follow us on twitter @escheatexpert, and get stories like this fed directly to your account:
Tagged: asset recovery, unclaimed property, unclaimed life insurance, life insurance escheat, whistleblower
