Tax & Accounting Blog

Federal district court in Arizona issues final decision in demutualization case

Federal district court in Arizona issues final decision in demutualization case

On April 19, 2013, the federal district court in Arizona issued a final decision in the Dorrance case.  2013 WL 1704907.  This follows a preliminary decision in July, 2012.  See our previous bulletin, “Open Transaction Doctrine does not apply in insurance company demutualization case,” July 16, 2012. Background: A mutual insurance company has no … Read More

Delaware Proposes Regulation for Certain Securities and Related Property

Delaware Proposes Regulation for Certain Securities and Related Property

The securities proposed regulation defines “Securities and Related Property” as property that consists of: Intangible ownership interests in corporations, whether or not represented by a stock certificate, bonds, and other securities; Dividends, cash, stock and other distributions made (or attempted to be made) by issuers of securities in respect of … Read More

Third Circuit Provides Guidance on New Jersey Gift Card and Travelers Checks Unclaimed Property Revisions

Third Circuit Provides Guidance on New Jersey Gift Card and Travelers Checks Unclaimed Property Revisions

Litigation was brought against New Jersey to challenge various aspects of the New Jersey legislation – 2010 N.J. Laws, Chapter 25 – that attempts to retroactively require reporting of gift cards/stored value cards (“SVCs”) to impose a “place of purchase presumption” for reporting of SVCs, and to significantly reduce the dormancy period for escheatment of … Read More