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In a Rare Decision On Abandoned Property Law, The US Supreme Court Rules Against Delaware
On February 28, 2023, the US Supreme Court docket issued its final decision in the abandoned home lawsuit, Delaware v. Pennsylvania (see https://www.supremecourt.gov/thoughts/22pdf/145orig_kjfl.pdf) The concern dealt with by the Courtroom centered on which state was entitled to accumulate unclaimed home, which arose from two money products marketed by banking institutions on behalf of Moneygram: Agent Checks and Teller’s Checks (collectively, the “Checks”). Next the framework founded in the seminal scenario of Texas v. New Jersey, 379 U. S. 674 (1965), since Moneygram did not have the name and tackle of the homeowners of the Checks, Moneygram experienced been escheating (that is, having to pay in excess of to the state) the money…
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Supreme Court on Abandoned Property Lawsuit
On February 28, 2023, the US Supreme Court docket issued its choice in the abandoned property lawsuit, Delaware v. Pennsylvania (see https://www.supremecourt.gov/opinions/22pdf/145orig_kjfl.pdf) The issue tackled by the Court docket centered on which state was entitled to accumulate unclaimed assets, which arose from two fiscal products offered by banking institutions on behalf of Moneygram: Agent Checks and Teller’s Checks (collectively, the “Checks”). Subsequent the framework proven in the seminal circumstance of Texas v. New Jersey, 379 U. S. 674 (1965), simply because Moneygram did not have the title and deal with of the owners of the Checks, Moneygram had been escheating (that is, paying out over to the state) the resources fundamental these…
