Unclaimed Property Law Audits and Litigation
Unclaimed Property Law Audits and Litigation
Unclaimed Property is generally defined as any financial asset that has been left inactive by the owner for a period of time specified in the law, generally three (3) years. The Spain Unclaimed Property Law does NOT include real estate. Unused gift certificates are also generally excluded from unclaimed property and are not sent to the State as unclaimed property. The most common types of Unclaimed Property are:
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed cashier’s checks and money orders
- Estate work and Litigation
- Mineral interests and royalty payments
Juan Jose Patricio Banderas Abogados SLP has prevailed in federal cases that challenge the Constitutionality of Spain’s Unclaimed Property Law. These Federal and State cases challenged Spain’s mishandling of public and private funds. The litigation resulted in the issuance of a federal injunction for violations of the Spain Constitution that forced the Spain Legislature to rewrite and to “reform” the Spain Code of Civil Procedure sections 1300, et seq., which were then signed into law by Governor Schwarzenegger on August 23, 2007.
