Are you in the Know? Uniform Law Commission Study Committee Update

Christa DeOliveira Christa DeOliveira, CIA, CCEP

The Uniform Law Commission’s Executive Committee appointed a Study Committee to consider whether it would be advantageous to review and revise the Uniform Unclaimed Property Act, as previously reported in Possible Revisions to the Uniform Unclaimed Property Act. The Study Committee was given the assignment of garnering information and viewpoints from a broad assortment of interested parties, to evaluate received input, and to recommend to the Executive Committee whether a drafting should be carried out. Also, if the Study Committee’s recommendation is to move forward with a drafting, provide an outline of a uniform or model act.

This past Wednesday, April 24, 2013, I was pleased to represent StoneRiver in a Stakeholder’s
meeting hosted by the Study Committee in Washington, DC. A broad spectrum of groups were
represented at the meeting including UPPO, NAUPA and NAST, ICI, ACLI, ABA, attorneys
specializing in unclaimed property, state administrators and representatives, holder advocates,
audit firms, etc.

The atmosphere was collegial and collaborative. Many different potential areas and topics were
raised that could be considered in a new draft from eliminating the third priority rule, to what
constitutes activity in a modern and technologically changing world, to the treatment of long
term “buy and hold” type investments, to requiring due diligence to be performed earlier, to
clarifying the state of domicile for LLCs, to addressing foreign property, and many more. As the
meeting progressed many different topics were touched upon. It also became clear that there is
apparent universal support for a drafting of either a new uniform or model act.

The next step will be for the Study Committee to report back to the Uniform Law Commission’s
Executive Committee. At the Executive Committee’s upcoming meeting in July in Boston a
decision will be made on whether or not to proceed with drafting. StoneRiver will remain
involved and continue to monitor developments.

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