State Escheat Statutes and Possible Treatment of Stored Value, Electronic Currency, and Other New Payment Mechanisms

Unclaimed property and escheatment is governed primarily by state statutory schemes. State unclaimed property statues require that after a specified period of time, unclaimed and abandoned property escheats to the states. The owner of the property may request return of the property upon proof of his or her ownership. Although several states have adopted the Uniform Unclaimed Property Act as their state escheatment statute,1 there are variations in these state statutes. None-