Borden Consulting
Group, LLC

Leading you through the financial and legal risks of unclaimed property law

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With fall filing season on the horizon, do holders face added risk based on pending Raw Data Analytics case in New York?

In the late ‘90’s, the National Association of Unclaimed Property Advisors (“NAUPA”) endorsed a nationwide amnesty program in order to increase compliance with state unclaimed property laws.  At the time, most holders were unaware of their annual escheat filing obligations and compliance was not widespread.   NAUPA reasoned that educating holders on their statutory filing requirements, while…

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Borden: "States around the country are targeting foreign-owned shares for extra revenue"

The Wall Street Journal  recently highlighted a major unclaimed property case with implications around the nation. The article addresses pending litigation regarding Delaware’s sale of stocks owned by two foreign investors.  Delaware escheated the stock and liquidated it without notifying its owners, Dr. Gilles Gosselin and Dr. Jean Louis Imbach. Both doctors alleged that the state…

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STA Newsletter: Reform to unclaimed property laws prompt call for advocacy

Jennifer Borden recently penned an article that appeared on the cover of the July 2017 STA Newsletter discussing the need for advocacy on behalf of both consumers and holders as states begin to introduce their own versions of the Revised Uniform Unclaimed Property Act. Borden was an Official Observer to the Uniform Law Commission’s Drafting Committee focusing…

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FinOps Report weighs in on the headaches that new unclaimed property laws may cause in Delaware, Illinois

The FinOps Report, which attempts to dig deep into issues facing U.S. and global financial services professionals, has weighed in on the proposed new unclaimed property laws in both Delaware and Illinois. Jennifer Borden was quoted throughout the article, particularly on Delaware’s attempts to escheat shares of foreign shareholders, even if the foreign address is…

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Bloomberg BNA: Illinois may face legal challenges by implementing unclaimed property laws retroactively

In an article published in the July 17 edition of Bloomberg BNA’s “Daily Tax Report: State” regarding the implementation of the Revised Universal Unclaimed Property Act (RUUPA) in Illinois, Jennifer Borden said that the state could face legal challenges if they attempt to enforce the law retroactively as is currently proposed. Said Borden: “That’s a retroactive…

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