Third Circuit Says Holders May Challenge Delaware Unclaimed Property Audit

Eric Carstens said the Third Circuit’s Marathon Petroleum ruling “should be viewed as a victory” by holders of gift cards issued by an out-of-state subsidiary who challenged Delaware’s unclaimed property law. The court said federal common law allows challenging a state’s unclaimed property audit of such gift cards, which Mr. Carstens said “explicitly provides companies a basis to sue in federal court for alleged violations of the federal priority rules.”