Foreign Unclaimed Property - c.ymcdn.comc.ymcdn.com/.../foreign_unclaimed_property.pdfForeign Unclaimed Property ...

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Foreign Unclaimed PropertyForeignUnclaimedPropertyPresentedBy:

J.BrookeSpotswood,Esq. MichaelRato,Esq.

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

InState,OutofState?It’s All Foreign to Me!It sAllForeigntoMe!

lForeignUnclaimedPropertyWithintheUnitedStates

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Overview of U S Laws onOverviewofU.S.LawsonForeignEscheat

A. Federal Common LawA. FederalCommonLaw1. Texas v.NewJersey2. Pennsylvania v.NewYork3. Delaware v.NewYork

B. StateStatutoryLaw1. Uniform

a) UniformUnclaimedPropertyActof1954&1966

b) UniformUnclaimedPropertyActof1981&19951995

2. Idiosyncratic:Delaware

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

UniformUnclaimedPropertyActsof1954&1966

• TheUUPAof1954&1966makesnospecificprovision for Foreign PropertyprovisionforForeignProperty.

• However,thefirsttwoversionsoftheUUPAfocuseduponproperty“heldorowing”inastateratherthana“lastknownaddress”inastate.

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

UniformUnclaimedPropertyActsof1981&1995

SECTION36(1981);SECTION26(1995)

FOREIGN ESCHEATFOREIGNESCHEATThisActdoesnotapplytoanypropertyheld,dueandowinginaforeigncountryandarisingoutofaforeigntransaction.

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

llPartiallyForeignTransactions(U.S.Companybutnon‐U.S.Owner)

SECTION 3(5) (1981)SECTION3(5)(1981);SECTION4(5)(1995)

[GeneralRulesforTakingCustodyofIntangibleUnclaimedProperty]UnlessotherwiseprovidedinthisActorbyotherstatuteofthisState,intangiblepropertyissubjecttothecustodyofthisStateasunclaimedpropertyiftheconditionsraisingapresumptionofabandonment under Sections 2 and 5 through 16 are satisfied and:abandonmentunderSections2and5through16aresatisfiedand:

5.thelastknownaddress,asshownontherecordsoftheholder,oftheapparentownerisinaforeignnationandtheholderisadomiciliaryorgovernmentorgovernmentalsubdivisionoragencyofthisState;or…g y ;

The Commissioners who drafted the 1995 Act left the language of subsection 5 unchanged but re-numbered Section 3 as Section 4

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

1981 & 1995 U if U l i d1981&1995UniformUnclaimedPropertyAct:OfficialComments

OFFICALCOMMENTTOTHESTATES:SECTION3(5)&SECTION4(5) providesthatwhenthelastknownaddressoftheapparentownerisinaforeignnationthe State in which the holder is domiciled may claim thetheStateinwhichtheholderisdomiciledmayclaimtheproperty.ThisissuewasnotdealtwithbytheSupremeCourtinTexasv.NewJersey,butisarationalextensionofthatruling.

SECTION26&SECTION36.FOREIGNTRANSACTIONS. This[Act]doesnotapplytopropertyheld,due,andowinginaforeigncountryandarisingoutofaforeigntransaction.

The Commissioners who drafted the 1995 Act repeated this comment verbatim.

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

& if l i d1981&1995UniformUnclaimedPropertyAct:OtherThoughts

SECTION3(5)&SECTION4(5)Howeverrationalthisprovisionappearstobe,thequestioniswhetherornotanyextensionofaU.S.SupremeCourtruling,nomatterhowlogical,isbinding.

(b)Nothinginthissectionshallauthorizethealienation,encumbrance,ortaxationofanyrealorpersonalproperty,includingwaterrights,belongingtoanyIndianoranyIndiantribe,band,orcommunitythatisheldintrustbytheUnitedStatesorissubjecttoarestrictionagainstalienationimposedbytheUnitedStates;orshallauthorizeregulationoftheuseofsuchpropertyinamannerinconsistentwithanyFederaltreaty,agreement,orstatuteorwithanyregulationmadepursuantthereto;orshallconferjurisdictionupontheStatetoadjudicate,inprobateproceedingsorotherwise,theownershiporrighttopossessionofsuchpropertyoranyinteresttherein.

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

AroundtheWorldinFifteenMinutesf

U l i d P tUnclaimedPropertyOutsidetheUnitedStates

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Puerto RicoPuertoRico

• P.R.Laws,Title7,pt.VI,Ch.133– MoneyandOtherLiquidAssetsAbandonedandUnclaimed

– “Other liquid assets”: Assets that can beOtherliquidassets :Assetsthatcanbechangedintomoneywithinatermlessthan1yearwithalossthatdoesnotexceed50%ofvaluevalue

– Generally,5yeardormancyperiod– ReportsdueAugust10asofprecedingJune30th30th

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

U.S.VirginIslands•Basedupon1981UniformAct

– 5yeardormancyperiodformostpropertytypes15 yrs for travelers’ checks 7 years for money– 15yrsfortravelers’checks,7yearsformoneyorders,3yearsforgiftcertificates,1yearforpayroll

– Normalduediligencerequirement($50cutoff)– ReportdueNovember1asofprecedingJune

30th30th

– Interestandpenaltiesfornoncompliance

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Canada (Alberta)Canada(Alberta)• UnclaimedPersonalProperty&VestedPropertyAct(eff.

Sept.2008)

• CoverageanddormancyperiodssimilartoUniformUnclaimedPropertyAct– Payroll(1year),Lifeinsurance(3years),Securitiesandy ( y ), ( y ),

otherunspecifiedproperty(5years),Moneyorders(7years),Travelers’checks(15years),Giftcardsexempt

• Jurisdiction– HolderdoingbusinessinAlberta,withAlbertaowner– HolderbasedinAlberta,notcarryingonbusinessina

reciprocatingjurisdiction,butwhoserecordsshowtheapparent owner’s last known address to be in thatapparentowner slastknownaddresstobeinthatjurisdiction

– HolderbasedinAlberta,unknownowner

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Canada (Quebec)Canada(Quebec)• Propertycovered:

– Bank depositsBankdeposits– Checks,drafts,andbillsofexchange– Amountspayablefortherepaymentorredemptionofdebt securitiesdebtsecurities

– Securitiesandotherassetsreceivedbyasecuritiesadviserorbroker

– Lifeinsuranceproceedsp• Generally3yeardormancy• Propertyheldbyprovincefor10years,or30yearsif

valuedatC$500ormore$• Feesof10%(uptoC$1,000)torecoverpropertyfrom

province

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Canada(BritishColumbia)• “Mandatory”Holdersy

– CreditUnions– DebtCollectionAgencies– Municipalities & CourtsMunicipalities&Courts– RealEstateAgencies– Companiesinliquidation

• Other holders are voluntary• Otherholdersarevoluntary• Propertytypescovered:lifeinsurancepolicies,

propertyinsurancepolices,trustfunds,deposits,money ordersmoneyorders

• Duediligencerequired

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

C I l dCaymanIslands

• DormantAccountsLawof2010– 7yeardormancyperiod

• Propertyheldintrustbygovernmentforadditional6yearsy

– AswithmostU.S.unclaimedpropertylaws,oncethefinancialinstitutionhasturnedoverthefunds,theowner must claim the funds from the governmentownermustclaimthefundsfromthegovernment

– Notificationrequirements• NewspaperpublicationforCaymanresidentsLi ti b k b it t b k’ i i l ffi• Listingonbankwebsiteoratbank’sprincipalofficefornon‐residents

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Eastern CaribbeanEasternCaribbean

• Nounclaimedpropertylawsofgeneralapplication

• EasternCaribbeanCentralBank,themonetary, yauthorityforAnguilla,AntiguaandBarbuda,theCommonwealthofDominica,Grenada,Montserrat,StKittsandNevis,StLucia,andStVi t d th G di i t iVincentandtheGrenadines,maintainsanAbandonedPropertyHolderslistofdormantaccountsheldbythoseislands’regulatedfinancial institutionsfinancialinstitutions

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

UnitedKingdom

h // l k• http://www.mylostaccount.org.uk– WebsitemaintainedbyBritishBankers’Association

andothersforunclaimedbankaccounts• http://www.thepensionservice.gov.uk

– Pensiontracingservice• http://www.bonavacantia.gov.ukhttp://www.bonavacantia.gov.uk

– OfficeoftheTreasurySolicitor– Unclaimedestates

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

S it l dSwitzerland

• NounclaimedpropertylawsofgeneralNo unclaimed property laws of generalapplication,butmandatoryrulesformembersofSwissBankersAssociation

B k f d dili if ibl– Banksperformduediligence,ifpossibleunderconfidentialityobligations

– Funds reported and remitted to “CentralFundsreportedandremittedto CentralClaimsOffice”

– Underlyingfundscontinuetoaccrueinterest

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

A t liAustralia

• AdministeredbyAustralianSecuritiesandI t t C i i ( h bl d t b )InvestmentsCommission(searchabledatabase)– http://www.asic.gov.au

• BankingAct– Depositsandotherassetsfrombanks,creditunions,andbuildingsocieties

• CorporationsActp– UnexchangedsharesresultingfromM&Aactivity

• LifeInsuranceAct– Policies unclaimed 7 years after becoming– Policiesunclaimed7yearsafterbecomingpayable

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

N Z l dNewZealand

• Trustee ActTrusteeAct– AllowstrusteestopaymoneyorsecuritiesheldbyatrusttotheCrown.Treasuryholdsmoney for six years and thereaftermoneyforsixyears,andthereaftertransferredtotheCrown

• UnclaimedMoneyAct– Depositsinfinancialinstitutions– Wages– Dividends– Dividends– Propertyheldbysolicitors(lawyers)

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Kenya

l i d l• Nocurrentunclaimedpropertylaw.• Governmentiscurrentlyconsideringthecreation of a “national register” of unclaimedcreationofa nationalregister ofunclaimedpensionbenefits

• Proposalwouldrequirecompaniestoreportandremitunclaimedpensionsaftera“specifieddormancyperiod”

2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Questions?Questions?MichaelRato,

McElroy Deutsch Mulvaney & Carpenter LLPMcElroy,Deutsch,Mulvaney&Carpenter,LLP(973)425‐8661

mrato@mdmc‐law.comhttp://www.escheatable.com/

BrookeSpotswoodS t d L OffiSpotswoodLawOffices

(800)948‐7154spotswood@spotswoodlaw [emailprotected]

Foreign Unclaimed Property - c.ymcdn.comc.ymcdn.com/.../foreign_unclaimed_property.pdfForeign Unclaimed Property ... - [PDF Document] (2024)

FAQs

Is unclaimed US assets real? ›

If a business, financial institution, or government owes you money that you did not collect, it is considered unclaimed money or property. You may be able to file for unclaimed money owed to you, or that was owed to a deceased relative if you are their legal heir.

Keep Reading ›

Is Garden State Treasury claims real? ›

We have over 30 years of experience in the field of unclaimed property recovery. We have developed a comprehensive database of accounts that have been abandoned to the State of New Jersey, Department of the Treasury. The information, although limited in scope, is provided directly by the New Jersey State Treasury.

Learn More ›

What is the best site to search for unclaimed money? ›

www.unclaimed.org is the website of the National Association of Unclaimed Property Administrators. This is a legitimate site created by state officials to help people search for funds that may belong to you or your relatives. Searches are free.

Read The Full Story ›

How long are unclaimed funds held in New York? ›

New York State holds unclaimed funds indefinitely until the rightful owner or their heirs claim them.

How long does the IRS hold unclaimed money? ›

The IRS is required to keep the filing open and hold on to unclaimed income tax refunds for three years. If you don't file for the tax refund after three years, the money becomes property of the US Treasury, and you won't be able to get it back.

Is the Missing money website real? ›

MissingMoney.com is a web portal created by participating U.S. states to allow individuals to search for unclaimed funds. It was established in November 1999, as a joint effort between the National Association of Unclaimed Property Administrators (NAUPA) and financial services provider CheckFree.

Know More ›

Is the unclaimed retirement benefits website legit? ›

The National Registry is a public service website designed to help reunite you with your rightfully earned retirement benefits. We never charge a fee to list an account name on the site or to conduct a search or view the results of any search, and there is no limit to the number of times you may search.

Learn More Now ›

Is ClaimItTN.gov a legit site? ›

Welcome to ClaimItTN.gov!

Searching for your unclaimed property is a free service of the Tennessee Department of Treasury.

Explore More ›

How much unclaimed money is in the US? ›

About 1 in 7 people — 33 million altogether — collectively have an estimated $70 billion worth of unclaimed property being held by state treasurers, according to the National Association of Unclaimed Property Administrators.

Show Me More ›

Foreign Unclaimed Property - c.ymcdn.comc.ymcdn.com/.../foreign_unclaimed_property.pdfForeign Unclaimed Property ... - [PDF Document] (2024)

FAQs

Is unclaimed US assets real? ›

How long does the IRS hold unclaimed money? ›