Update on the Uniform Law Commission's Drafting Committee to Rewrite the 1995 Uniform Unclaimed Property Act

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On Nov. 8-9, the Uniform Law Commission's Drafting Committee to rewrite the 1995 Uniform Unclaimed Property Act met for a second time in Washington, D.C. to advance its consideration of legal, policy and compliance issues. The ULC process is currently targeted to produce a 2016 Uniform Unclaimed Property Act that would accomplish the goals of modernization and increased uniformity. In this article, Kendall L. Houghton of Alston & Bird discusses the latest developments raised in the meeting.