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Delaware enacts historic overhaul of unclaimed property law

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On February 2, 2017, Delaware Governor John C. Carney Jr. signed legislation making major changes to Delaware’s unclaimed property law. The legislation amends three subchapters (Title 12, Chapter 11, subchapters II, III and IV) by deleting them in their entirety and combining them into new subchapter II. The new legislation is generally understood to have been enacted partially in response to the U.S. District Court ruling in Temple-Inland Inc. v. Cook, which found certain Delaware unclaimed property procedures to be unconstitutional, in addition to other litigation. The new legislation also adopts many concepts and provisions of the 2016 Revised Uniform Unclaimed Property Act (RUUPA).