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GGD-95-116R 1 (1995-03-27)

handle is hein.gao/gaobadwch0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 General Government Division B-260448 March 27, 1995 The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives The Honorable Edward J. Markey Ranking Minority Member Subcommittee on Telecommunications and Finance Committee on Commerce House of Representatives The Honorable John Joseph Moakley Ranking Minority Member Committee on Rules House of Representatives This letter responds to your requests of July 28 and August 9, 1994 in which you asked the U.S. General Accounting Office (GAO) to assist you in evaluating certain issues associated with H.R. 2443, the proposed Equitable Escheatment Act of 1993. This bill sought to reverse a Supreme Court decision, Delaware v. New York' concerning the escheat of unclaimed securities distributions2 whose owners cannot be identified. If the bill had been enacted, it would have reallocated the unclaimed securities distributions at issue in the Delaware v. New York case and divided past and future owner unknown securities distributions subject to escheat among all 50 states and the District of Columbia. Since the introduction of the bill and your requests, however, the states of New York, Massachusetts, and Delaware, as principal recipients of these funds, and the other 47 states and the District of Columbia, as intervening parties to the case, have TSee Delaware v. New York, 113 S.Ct. 1550 (1993). 2Escheat herein refers to the process whereby any unclaimed or abandoned property passes to the custody of the state. Distributions refer to dividends, interests, stock distributions or other transfers of value paid by an issuer of a security to the record owners of the security. GAO/GGD-95-116R Escheat Rule Agreement

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