Unclaimed Property: Uncertainty with Tennessee's Adoption of the Revised Uniform Unclaimed Property Act and Related Income Tax Liability

摘要

The Uniform Law Commission proposed several versions of the Uniform Unclaimed Property Act since 1954. In 2016, the ULC proposed the most recent version, the Revised Uniform Unclaimed Property Act (RUUPA). Tennessee, along with three other states, adopted RUUPA. While Tennessee's adoption of RUUPA addresses many issues that arose from past iterations of the Act, several unanswered questions remain. This paper will address three ambiguities associated with RUUPA and the income unclaimed property generates: the potential for an unconstitutional claim by Tennessee for interest accruing on unclaimed property, a derivative rights issue, and income tax liabilities associated with unclaimed property.