Unclaimed Property Model Act Is Lacking, Practitioners Say

Stephen Kranz raised questions about the Revised Uniform Unclaimed Property Act (RUUPA) and advised states considering it to “be on the lookout for a number of issues that are not adequately addressed by the proposed statutory language or the comments,” such as gift card exemptions. Diann Smith added that comments made to RUUPA “are useful in many respects,” but can also add complexities that perhaps weren’t anticipated.