Major Reforms Proposed in Unclaimed Property Legislation Introduced in Delaware Senate
Senate Bill 13, cosponsored by Senator Bryan Townsend and Representative Bryon Short, on January 12, 2017, is a major overhaul of Chapter 11, Title 12 of the Delaware Code, Delaware’s unclaimed property statute, and is aimed at both updating Delaware law in light of the 2016 Revised Uniform Unclaimed Property Act (“RUUPA”) developed by the Uniform Law Commission1 and at addressing certain constitutional infirmities raised by the Delaware District Court’s recent decision in Temple-Inland, Inc. v. Cook. 2016 WL 3536710, at *1 (D. Del. Jun. 28, 2016) (“Temple-Inland”). If enacted, S.B. 13 will change the Delaware unclaimed property landscape significantly, requiring close attention from holders.
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1 The Uniform Law Commission RUUPA Drafting Committee is Co-Chaired by Morris Nichols Partner and Unclaimed Property Group Practice Leader Michael Houghton