Update on Unclaimed Property Drafting Committee

The Drafting Committee for the Revised Uniform Unclaimed Property Act (UUPA) met in Washington, D.C. on October 9-10, 2015. UUPA involves a substantial revision of its immediate predecessor, the Uniform Unclaimed Property Act (1995), which itself was a rewrite of its predecessor, the Uniform Unclaimed Property Act (1981). The ULC initially adopted an unclaimed property act in 1954.

Unclaimed Property Act drafting committee meeting.
Many participants attended the Oct. 2015 UUPA drafting committee meeting in Washington DC.

This is the fourth meeting of the Drafting Committee, and one additional meeting will be held in the spring of 2016. UUPA is expected to be presented to the Uniform Law Commission for its second and final reading in Stowe, Vermont, next summer.

All 53 jurisdictions that comprise the ULC have some form of unclaimed property law. In some form, 39 or the 53 jurisdictions have enacted the 1981 or 1995 versions of the Act. The drafting committee is addressing approximately 77 issues in this proposed revision. At the most recent meeting, co-chaired by Commissioners Michael Houghton (Delaware) and Rex Blackburn (Idaho) with Commissioner Charlie Trost (Tennessee) serving as Reporter, the committee undertook consideration of, among other important issues, revisions of the action relating to unclaimed property in the securities and life insurance areas.

Rex Blackburn and Mike Houghton, Co-Chairs, UUPA Drafting Committee

Update on Unclaimed Property Drafting Committee