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News & Press: UPPO Advocacy Activity

UPPO Submits Additional Comments to ABA Regarding Model Act

Thursday, December 7, 2017   (0 Comments)
Posted by: Tim Dressen
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The American Bar Association is nearing completion of adopting 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 Dec. 6, 2017, UPPO submitted comments to ABA regarding the latest draft of its model act. Previous suggestions from UPPO to ABA have been well-received, with most leading to revisions of the model act’s working draft. UPPO’s latest comments include:

  • Recommendations to clarify definitions of “holder” and “owner.”
  • Feedback regarding dormancy period language.
  • Recommendations for revising text on indication of interest in property.
  • Suggestion to clarify a section on electronic communications.
  • Feedback regarding language covering jurisdiction to take custody of property; report content; record retention; and notice to apparent owners.

The ABA Unclaimed Property Subcommittee is chaired by Ethan Millar, a member of UPPO and GRAC. 

 


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