As states become more and more focused on unclaimed property audits as a revenue source, businesses must be prepared for the ever-evolving landscape of unclaimed property audits, compliance expectations, legal requirements, and litigation. One of the major difficulties with unclaimed property law is that it is not uniform across the states and U.S. Territories. Your business may be a Holder of unclaimed property in multiple jurisdictions, not just the ones in which it operates.

During this CLE for the Association of Corporate Counsel Alabama, RumbergerKirk partners Pete Tepley and Meredith Lees provided an overview of unclaimed property and outlined the major differences in unclaimed property laws and requirements, with a focus on Alabama’s Uniform Disposition of Unclaimed Property Act of 2004.  They reviewed the states’ increased focus on unclaimed property audits, how to respond to an unclaimed property audit, and risks associated with ignoring unclaimed property audits. They concluded with recommendations and a discussion of best practices to avoid unclaimed property audits or to minimize risks.