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Article: New York State's large problem with a property law began in a little place. (abandoned property laws of Delaware and New York State)
- Article from:
- The Bond Buyer
- Article date:
- February 21, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- New York State has a Texas-sized problem, and it began four years ago in tiny Delaware.
The U.S. Supreme Court may announce as early as Monday whether New York has to forfeit an estimated $800 million in unclaimed interest and dividends on bonds and stocks the state collected under its abondoned property law.
A special master appointed by the court to review the matter filed a report in the case late last month urging the justices to order New York to turn the money over to other states.
Dispute's Beginning
The court can vote either to adopt the special master's report outright or hear arguments in the case.
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