Mike Houghton Quoted in The New York Times
As the 2014 fiscal year comes to a close, the state of Delaware released the annual index on unclaimed property this week. Today, The New York Times explored growing unclaimed property across the country in the article titled, “Lost Money Everywhere, Just Waiting to Be Claimed.” The Times turned to “unclaimed property expert” and Morris Nichols partner Michael Houghton for commentary. Mike explained that unclaimed property laws vary by state and typically include due diligence requirements whereby states must notify the rightful holders of money or other property.
The Uniform Unclaimed Property Act, the legislation which forms the basis for the law of unclaimed property for more than 40 states, was last revised in 1995. As Co-Chair of the Uniform Law Commission Drafting Committee to Revise the Uniform Unclaimed Property Act, Mike is “one of the lawyers leading the next rewrite.” He is also a member of a Legislative Task Force currently examining, and making recommendations concerning, Delaware’s Unclaimed Property program.
Read the full article on nytimes.com, available here.