New Delaware Unclaimed Property Voluntary Disclosure Agreement Program

 

On June 14, 2012, the Delaware Senate introduced Bill 258, which would significantly change the terms of the State’s unclaimed property voluntary disclosure agreement (“VDA”) program. Every company generates unclaimed property, which is any intangible property that is owed the company that has gone unclaimed for a specific period of time by the rightful owner. The company in possession of the unclaimed property, also known as a “holder” has a legal responsibility to report and remit that property to the appropriate state. Because there is generally no statute of limitations on a holder’s unclaimed property liability, a holder’s state of incorporation can estimate a holder’s potential liability for periods where actual records are not available. Because most companies are incorporated in Delaware, the new bill to introduced by the Delaware Senate offers a the benefit of an easier VDA process and a limited “look-back” period to a significant number of companies that may not be in full compliance with the states unclaimed property laws…

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