Unclaimed Property Essentials

Upon successful completion of this course, participants will be able to:

• Recognize the principles underlying unclaimed property laws.
• Recall the main policy concern related to early unclaimed property laws.
• Recognize the reasons why property laws are not federally administered.
• Specify the constitutional clauses related to unclaimed property enforcement challenges.
• Recall why transaction-location-based priority rules are not used.
• Recognize the effect that priority rules have on multistate holders.
• Recall why states of incorporation receive unclaimed property revenues.
• Recognize the factors interfering with audit estimate challenges.
• Specify the property types that can trigger large aggregate liabilities.
• Recall why private contractual forfeiture clauses are usually overridden.
• Recognize when an obligation becomes fixed for dormancy calculations.
• Recall the level at which dormancy analysis is performed.
• Recognize the reasons for shorter dormancy periods for some assets.
• Specify the obligations remaining for a holder that has remitted property to a state.
• Recall the reason for statutory due diligence requirements.
• Recognize why notices sent too early do not satisfy due diligence obligations.
• Recall the trigger for a certified mail due diligence requirement.
• Recognize the risks associated with electronic due diligence.
• Specify why an organization should document its outreach efforts.
• Recall why standardized reporting increases compliance pressure on holders.
• Recall the reason for negative reporting.
• Recognize why exclusion decisions must be documented.
• Specify the remittance error that can create reconciliation problems.
• Recall why remittance confirmations are important for a long period of time.
• Recall the role of internal governance in unclaimed property compliance.
• Specify the risk of relying on historical assumptions in unclaimed property compliance.