Practitioners Oppose Commission’s Unclaimed Property Act Revisions

Stephen Kranz called the Uniform Law Commission’s effort to revise the Uniform Unclaimed Property Act (UUPA) an insurmountable task, noting that “given the size of the audience and the interest in the issues presented, this project is a little bit like eating an elephant.” Diann Smith added that retailers object to changes to the definition of the term “address” as used for state priority determination mailings because “having a special provision for the first priority rule that does not look specifically as to whether or not the address can actually be used to successfully mail something is contrary to the U.S. Supreme Court precedent.”