Supreme Court declines to take state’s appeal of Chancery ruling on unclaimed property

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The Delaware Supreme Court refused to accept an appeal from the state Department of Finance regardingthe state’s unclaimed property practices.

The department had sought documents from Univar, Inc., a chemical distributor.

Chancery Court had earlier ruled against a demand by the state, citing the ongoing federal case, leading the department to file an appeal.

Unclaimed property is a major revenue source for the state. Much of the proceeds come from companies that are incorporated in Delaware in the form of stock, gift cards etc. The source of revenue is the subject to ups and downs in dollar figures and makes forecasts more difficult.

A decision that would reduce or eliminate that source of revenue has long worried state officials in a state with no sales tax and low property taxes.

Click here for acopy of the Supreme Court decision.

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