Catalogers’ Legal Challenges ’07 (and Beyond)

Most catalog/direct marketers hold unclaimed property in the form of unredeemed gift certificates or gift cards; customer overpayments; and un-cashed refund, payroll and vendor accounts-payable checks. Many catalogers aren’t compliant with state escheat laws, which generally require that unclaimed property must be paid over to the state of the owner’s last-known address as shown on the holder’s books and records. And if there’s no record of the owner’s last-known address, then the property must be paid to the holder’s state of incorporation.