Tax Headlines


New Jersey ~ Unclaimed Property: U.S. Supreme Court Will Not Review Travelers’ Cheques Law Change

A corporation that engaged in travel-related services has been denied U.S. Supreme Court review of whether New Jersey’s retroactive shortening from 15 years to three years of the period after which not-yet-used travelers’ cheques are presumed abandoned violates the federal Due Process Clause by allowing the state to confiscate the proceeds of private enterprise under an arbitrary and unreasonable presumption of abandonment. The corporation also had challenged the law change on the basis that it effected an unconstitutional taking.

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