- Associated Press - Monday, February 26, 2018

DOVER, Del. (AP) - A recent federal ruling upholds Delaware’s unclaimed property practice.

The News Journal of Wilmington reports Delaware is allowed to continue digging through companies’ records to find unclaimed property. The “escheat” practice works by allowing the government of the state a company is based in to claim uncollected property that’s owed to the company after a set period. The property can range from gift cards to stock dividends. The practice added $554 million to the state’s revenue last year.

The U.S. Appeals Court in Philadelphia has ruled Delaware can audit out-of-state subsidiary books of state-based companies. But the practice’s future remains uncertain as a whistleblower case accusing dozens of retailers of scheming to deprive the state of unclaimed property is still pending.

State escheator Brenda R. Mayrack declined the newspaper’s request for comment.


Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide