Why Unclaimed Property Matters

As states become more and more focused on unclaimed property audits as a revenue source, businesses must be prepared for the ever-evolving landscape of unclaimed property audits, compliance expectations, legal requirements, and litigation. One of the major difficulties with unclaimed property law is that it is not uniform across the states and U.S. Territories.  In addition, your business may be a Holder of unclaimed property in multiple jurisdictions, not just the ones in which it operates. This CLE will focus on an overview of what is unclaimed property, the major differences in unclaimed property laws and requirements, with a focus on Alabama’s Uniform Disposition of Unclaimed Property Act of 2004.  In addition, the CLE will cover the states’ increased focus on unclaimed property audits, responding to an unclaimed property audit, and risks associated with ignoring unclaimed property audits.  The CLE will conclude with recommendations and a discussion of best practices to avoid unclaimed property audits or to minimize their risks.