Delaware & Unclaimed Property: One State’s Aggressive Revenue Pursuit And How Targeted Businesses Can Respond
States need revenue. Many, including Delaware, view unclaimed property as low hanging fruit. The constitutional and legal protections of holders and limits on state audits and methods need to be advocated and enforced. Unclaimed property audits and controversies are far more than accounting exercises. Corporations should prepare for the inevitable unclaimed property audit and understand their rights and defenses, especially with respect to estimation methods, as well as how the nature of their business could be viewed by an unclaimed property auditor to generate new types of unclaimed property.