Borden Consulting Group, LLC

Leading you through the financial and legal risks of unclaimed property law

Posts by Borden Consulting Group

Chancery Court Answer’s AT&T’s Call to Quash

The federal District Court for the District of Delaware’s holding in the 2016 Temple-Inland v. Cook[1] decision that Delaware had implemented its audit program in a manner that “shocked the conscience” is well-known to all abandoned property practitioners.  Similarly, Delaware’s responsive law change in 2017, with provisions purportedly addressing the Temple-Inland Court’s constitutional concerns, has…

Read More

ICYMI: Jennifer Borden discusses the perils of losing investments to states via escheatment

Borden Consulting Group’s Jennifer Borden joined NPR’s “Planet Money” recently to discuss the perils of losing your investments to escheatment. Hosts Audrey Quinn and Kenny Malone discuss the real-life story of Walter Schramm, who lost a small fortune to the state when his investments were escheated because of inactivity. In 1995, Schramm bought about $6,000…

Read More

The SCRA and Securities: Protecting the Protectors

This article originally appeared in the January Newsletter of the Securities Transfer Association and is re-published here with the consent of the STA.  It has been updated to reflect the April 7, 2020 enactment of SB-0125.  by Jennifer C. Borden On April 7, SB-0125 was signed by the Governor of Michigan, clarifying the dormancy periods…

Read More

Hello, Delaware? The Constitution is Calling

by Jennifer C. Borden & Jenna L. Bentley On December 6, 2019, AT&T filed a complaint in the United States District Court for the District of Delaware alleging violations of its rights under the Fourth and Fourteenth Amendments, and violations of the Ex Post Facto Clause of the U.S. Constitution.  The constitutional issues raised by AT&T…

Read More

With fall filing season on the horizon, do holders face added risk based on pending Raw Data Analytics case in New York?

In the late ‘90’s, the National Association of Unclaimed Property Advisors (“NAUPA”) endorsed a nationwide amnesty program in order to increase compliance with state unclaimed property laws.  At the time, most holders were unaware of their annual escheat filing obligations and compliance was not widespread.   NAUPA reasoned that educating holders on their statutory filing requirements, while…

Read More

Borden: "States around the country are targeting foreign-owned shares for extra revenue"

The Wall Street Journal  recently highlighted a major unclaimed property case with implications around the nation. The article addresses pending litigation regarding Delaware’s sale of stocks owned by two foreign investors.  Delaware escheated the stock and liquidated it without notifying its owners, Dr. Gilles Gosselin and Dr. Jean Louis Imbach. Both doctors alleged that the state…

Read More

STA Newsletter: Reform to unclaimed property laws prompt call for advocacy

Jennifer Borden recently penned an article that appeared on the cover of the July 2017 STA Newsletter discussing the need for advocacy on behalf of both consumers and holders as states begin to introduce their own versions of the Revised Uniform Unclaimed Property Act. Borden was an Official Observer to the Uniform Law Commission’s Drafting Committee focusing…

Read More

FinOps Report weighs in on the headaches that new unclaimed property laws may cause in Delaware, Illinois

The FinOps Report, which attempts to dig deep into issues facing U.S. and global financial services professionals, has weighed in on the proposed new unclaimed property laws in both Delaware and Illinois. Jennifer Borden was quoted throughout the article, particularly on Delaware’s attempts to escheat shares of foreign shareholders, even if the foreign address is…

Read More