Delaware Appeals Board Dismisses Shareholder’s Unclaimed Property Petition for Failure to Prosecute

The Delaware State Tax Appeal Board Dec. 20, 2022 dismissed a shareholder’s unclaimed property petition for failure to prosecute, for corporate income tax purposes. The shareholder owned shares of Seagate Technology PLC and Identive Inc., which were escheated. The escheator sold the shares. When the shareholder submitted a claim for the shares, the escheator determined that the shareholder was entitled to recover the sale proceeds. The shareholder petitioned for the return of the shares. The escheator filed a motion to dismiss the petition for failure to state a claim, arguing that the escheator had complied with the applicable laws and ...