Federal Edict Upholds Delaware Unclaimed Property Practice - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Federal Edict Upholds Delaware Unclaimed Property Practice

Posted: Feb 26, 2018 9:22 AM Updated:

DOVER, Del. (AP)- A recent federal ruling upholds Delaware's unclaimed property practice.

Delaware is allowed to continue digging through companies' records to find unclaimed property. The "escheat" practice works by allowing the government of the state a company is based in to claim uncollected property that's owed to the company after a set period. The property can range from gift cards to stock dividends. The practice added $554 million to the state's revenue last year.

The U.S. Appeals Court in Philadelphia has ruled Delaware can audit out-of-subsidiary books of state-based companies. But the practice's future remains uncertain as a whistleblower case accusing dozens of retailers of scheming to deprive the state of unclaimed property is still pending.

State escheator Brenda R. Mayrack declined a member of the Associated Press' request for comment.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Fire Demonstration Highlights Importance of Home Sprinkler Systems

    Fire Demonstration Highlights Importance of Home Sprinkler Systems

    Sunday, February 17 2019 4:00 PM EST2019-02-17 21:00:00 GMT
    Sunday, February 17 2019 4:00 PM EST2019-02-17 21:00:00 GMT
    On Sunday the Pittsville Volunteer Fire Department hosted a unique demonstration to highlight the importance of home sprinkler systems.More
    On Sunday the Pittsville Volunteer Fire Department hosted a unique demonstration to highlight the importance of home sprinkler systems. More
  • State Police Investigate Stabbing in Lincoln

    State Police Investigate Stabbing in Lincoln

    Sunday, February 17 2019 4:02 PM EST2019-02-17 21:02:24 GMT
    Sunday, February 17 2019 4:02 PM EST2019-02-17 21:02:24 GMT
    Authorities say a Delaware man has been found dead after a domestic incident in which his wife was stabbed.More
    Authorities say a Delaware man has been found dead after a domestic incident in which his wife was stabbed.More
  • "Family Ties" Stars Visit WBOC

    "Family Ties" Stars Visit WBOC

    Sunday, February 17 2019 7:28 AM EST2019-02-17 12:28:56 GMT
    Sunday, February 17 2019 7:28 AM EST2019-02-17 12:28:56 GMT
    (Photo: WBOC)(Photo: WBOC)
    (Photo: WBOC)(Photo: WBOC)
    For TV viewers in the 1980s, there was one sit-com that millions of families could relate to: "Family Ties." Two of the stars, Meredith Baxter and Michael Gross, paid a visit to the WBOC Newsplex.More
    For TV viewers in the 1980s, there was one sit-com that millions of families could relate to: "Family Ties." Two of the stars, Meredith Baxter and Michael Gross, paid a visit to the WBOC Newsplex.More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Seaford Man Charged with Home Improvement Fraud

    Seaford Man Charged with Home Improvement Fraud

    Sunday, February 17 2019 12:05 AM EST2019-02-17 05:05:59 GMT
    Sunday, February 17 2019 12:05 AM EST2019-02-17 05:05:59 GMT
    William ParlierWilliam Parlier
    William ParlierWilliam Parlier
    Delaware State Police have arrested a Seaford man on multiple count of home improvement fraud and related charges.More
    Delaware State Police have arrested a Seaford man on multiple count of home improvement fraud and related charges.More
  • State Police Discover Meth Lab In Harrington

    State Police Discover Meth Lab In Harrington

    Sunday, February 17 2019 12:23 AM EST2019-02-17 05:23:47 GMT
    Sunday, February 17 2019 12:24 AM EST2019-02-17 05:24:30 GMT
    Delaware State Police arrest two men on multiple drug charges and one in connection with the operation of a meth lab.More
    Delaware State Police arrest two men on multiple drug charges and one in connection with the operation of a meth lab.More
  • "Family Ties" Stars Visit WBOC

    "Family Ties" Stars Visit WBOC

    Sunday, February 17 2019 7:28 AM EST2019-02-17 12:28:56 GMT
    Sunday, February 17 2019 7:28 AM EST2019-02-17 12:28:56 GMT
    (Photo: WBOC)(Photo: WBOC)
    (Photo: WBOC)(Photo: WBOC)
    For TV viewers in the 1980s, there was one sit-com that millions of families could relate to: "Family Ties." Two of the stars, Meredith Baxter and Michael Gross, paid a visit to the WBOC Newsplex.More
    For TV viewers in the 1980s, there was one sit-com that millions of families could relate to: "Family Ties." Two of the stars, Meredith Baxter and Michael Gross, paid a visit to the WBOC Newsplex.More
Powered by Frankly

All content © Copyright 2000 - 2019 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices