Press Release August 7, 2015

Alston & Bird’s Unclaimed Property Group Authors Bloomberg BNA Unclaimed Property Portfolio

Alston & Bird’s Unclaimed Property Group has authored the third edition of Bloomberg BNA’s Unclaimed Property (Portfolio 1600), a comprehensive overview of multistate unclaimed property legal and compliance issues.

In addition to presenting an in-depth look at the fundamental principles of unclaimed property law, the Portfolio covers specific issues such as compliance, audit practices and strategic defense considerations, internal accounting and business structuring, statutes of limitations and the estimation of liabilities in the absence of records, as well as the potential availability of a wide range of constitutional, common law and statutory defenses to the assertion of an unclaimed property liability.

The Portfolio also includes an in-depth review of the Uniform Law Commission’s (ULC) Uniform Unclaimed Property Acts. While the Portfolio discusses the historical backdrop of this area of law, including the1954, 1966, 1981 and 1995 Uniform Acts and the unique legal issues created by each version, it focuses particular attention on the future of unclaimed property laws and enforcement efforts in an age of e-commerce, virtual currencies, multi-party business transactions and the outsourcing by states of their audit functions to private firms that are compensated largely on a contingency fee basis. Businesses must understand these laws in order to avoid innumerable traps for the unwary.

The Portfolio is authored by partners John CoalsonKendall Houghton and Ethan Millar, who together lead the firm’s Unclaimed Property Group, as well as by senior associates Michael Giovannini and Matthew Hedstrom.
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