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News & Press: UPPO Advocacy Activity

UPPO Submits Comments to ABA Regarding Model Unclaimed Property Act

Monday, August 7, 2017   (0 Comments)
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The American Bar Association is in the process of drafting a revised version of its Model Unclaimed Property Act, an alternative to the Revised Uniform Unclaimed Property Act, approved by the Uniform Law Commission last year. 

 

On Aug. 4, 2017, UPPO submitted comments to ABA regarding the working draft of its model act. UPPO’s comments include:

  • Recommendations to clarify several definitions.
  • Feedback regarding dormancy period standards for bank accounts.
  • Requests for clarification of language covering tax-deferred retirement and health savings account dormancy periods.
  • Suggestion to revise language regarding dormancy periods for custodial accounts for minors.
  • Recommendations for revising text on indication of interest in property.
  • Suggestion to clarify a section on electronic communications.
  • Feedback regarding language covering report content, allowance of claims and administrative reviews.

The ABA Unclaimed Property Subcommittee, chaired by UPPO and GRAC member Ethan Millar, has scheduled its next meeting for Aug. 9. 

 

Special thanks to Dana Terry, Freda Pepper and Jim Sadik for their work on UPPO’s comments.

 


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