New Jersey's attempt to grab millions of extra dollars per year by expanding authority to seize funds from unused gift cards and travelers' checks faces legal trouble. Three suits in Trenton, N.J., federal court contend that a recent revision to the Uniform Unclaimed Property Act is pre-empted by federal law and violates the Constitution's taking, commerce, contract and due process clauses. The July 1 change states that gift cards, previously not covered by the act, are presumed abandoned after two years and travelers' check after three instead of 15 years.
October 11, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New Jersey’s attempt to grab an extra $79.5 million per year by expanding its authority to seize funds from unused gift cards and travelers’ checks is running into legal trouble.
Three suits in federal court in Trenton, N.J., contend that a recent revision to the Uniform Unclaimed Property Act is pre-empted by federal law and violates the Constitution’s taking, commerce, contract and due process clauses.
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