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October 31, 2018 The Tax Lawyer

An Examination of Unclaimed Property Laws after the Adoption of RUUPA: Suggestions for Continued Advancement

Vol. 71, No. 4 - Summer 2018

ABA Section of Taxation, State and Local Taxes Committee


    While taxes have been imposed for several millennia, the modern unclaimed property laws are of more recent vintage and the underlying legal concepts are less developed. The unclaimed property law unquestionably has become controversial in recent times. The states can present powerful stories detailing when assets were recovered for owners under state unclaimed property laws. At the same time, some audits, especially multistate contingent fee audits, have asserted very large recoveries against holders by means that caused theholders to object strongly to the methods employed in the audits.

    This Article is a response to the Revised Uniform Unclaimed Property Act of 2016, commonly known as “RUUPA” issued by the Uniform Law Commission. The Article discusses elements of RUUPA that should be reconsidered.

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