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States pushing the boundaries in the collection of unclaimed property
It is no mystery that states are facing critical budget deficits and have been forced to look for ways to increase their cash flow without raising taxes. Consequently, many states are now turning their attention to the seizure of apparently unclaimed or abandoned intangible property held by a company presumably owed to another party. Every U.S. state, as well as Washington, DC, Puerto Rico, Guam, the Virgin Islands, and the most recent addition of the Northern Marianas Islands, have adopted some form of statutory escheat laws.In lieu of adopting and modifying one of the Uniform Acts, a minority of jurisdictions have drafted their own statutes.