Michael Houghton Quoted in The News Journal on Proposed Legislation to Reform Delaware Unclaimed Property Program
Delaware Senate Bill 13 proposes major reforms to the state’s unclaimed property program. The legislation responds to the Delaware District Court’s decision in Temple-Inland and aims to update Delaware law to address reforms developed by the Uniform Law Commission (“ULC”).
In an article published by The New Journal titled, “State Overhauling Unclaimed Property Law,” Morris Nichols partner and ULC drafting committee co-chair Michael Houghton described the legislation as a step in the right direction. “My view is that it is not perfect, but I don’t want perfect to be the enemy of the good,” Houghton said. “And it’s good in many respects.”