June 13, 1996
TO: OPERATIONS MEMBERS No. 28-96
TRANSFER AGENT ADVISORY COMMITTEE No. 33-96
RE: REVISED UNIFORM UNCLAIMED PROPERTY ACT
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The National Conference of Commissioners on Uniform State Laws has approved and
recommended for enactment in all states a revised Uniform Unclaimed Property Act. The
changes to the Act are quite significant, modifying, among other things, the reporting and
delivery requirements, the length and commencement of the abandonment period and the
definition of "unclaimed" under the Act. The Institute actively participated in the project to
revise the Act. We are pleased that the revised provisions applicable to investment companies
reflect many of the Institutes comments and recommendations. The Act, as revised, has not
yet been adopted by any state. A copy of the revised Act is attached along with a
memorandum prepared by the Institutes outside counsel describing the provisions of greatest
significance to investment companies.
Amy B.R. Lancellotta
Associate Counsel
Attachments