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If you think you've gotten the short end of the stick when you were made responsible for complying with your state's unclaimed property laws, cheer up. Recent developments have made this one of the most intriguing areas of the law when it comes to balancing federal and state prerogatives. In fact, a recent series of cases demonstrates why this area of the law is both deceptively complicated and under increased scrutiny.
All 50 states and the District of Columbia have laws regulating how unclaimed funds are to be reported, and in most cases escheated to the state in which the account is located. There are millions of dollars at stake; in Delaware alone, these funds are the fourth largest source of revenue for the state.
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