Unclaimed property involves intangible property, normally cash, checks or securities. The only
tangible property involved would be safe deposit box contents that goes unclaimed if the
holder/bank may have lost contact with the owner. This would constitute unclaimed property
when the state dormancy/holding period has been met.

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PEACC.com New To State Unclaimed Property Reporting Requirements?

Who Is Required To Report Unclaimed Property?

1) Corporations –
Service/Hospitality Industry
Others (Utilities, Gov’t Jurisdictions,
Colleges/Universities, Hospitals, etc.)

2) Banks & Financial Institutions

3) Insurance –
Life Insurance
Non-Life Insurance

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Key Points from Delaware’s February 2020 VDA Invitation – PEACC.com

Delaware Seal

• Delaware’s Secretary Of State Voluntary Disclosure Agreement (“VDA”) invitations mailed out in February 2020 have been granted a response extention.
• Responses are now required by July 18, 2020.
• These extension only apply to companies that received the VDA invitation in February 2020.
• Recipients of this letter may include the CFO, General Counsel, Accounting Manager or others.
• It is important to inform all persons and departments of what action they should take if they have received this February 2020 DE VDE invitation letter.
• If recipients do not respond to the invitation by the July 18, 2020 due date, they may/will be referred for an unclaimed property audit.
If you firm is contemplating participating in the Delaware VDA invitation, please feel free to contact us at 410.303.5510 for a free discussion as to whether or not it may be right for you.

Your Total Source for Unclaimed Property Compliance

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