State governments are increasingly aggressive in taking control of Americans’ lost cash — in bank accounts, uncashed paychecks or gift cards — also known as unclaimed property or escheat.
In particular, two medical researchers recently sued Delaware officials for taking control of their stock in a pharmaceutical company, deemed abandoned, and sold it for $1.7 million.
“All of this could’ve been easily avoided if someone just sent a letter,” said Ethan Millar, partner in Alston & Bird’s Unclaimed Property Group and counsel to the researchers.
In particular, two medical researchers recently sued Delaware officials for taking control of their stock in a pharmaceutical company, deemed abandoned, and sold it for $1.7 million.
“All of this could’ve been easily avoided if someone just sent a letter,” said Ethan Millar, partner in Alston & Bird’s Unclaimed Property Group and counsel to the researchers.