Exercise Diligence When Seeking Voluntary Disclosure and Settlement of Unclaimed Property Liabilities
Scott Smith - Baker Donelson
June 11, 2010
Caution: Don't expect a state to routinely accept a Voluntary Disclosure Agreement (VDA) and settlement of your outstanding unclaimed property liabilities without question or audit. A number of states, including Delaware, provide VDA programs for holders with unclaimed property liabilities. However, the recent settlement of a case in Delaware Chancery Court illustrates holders must exercise caution and perform their own due diligence prior to participating in these programs.
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