Delaware

Dept. of Finance: Former Deputy AG appointed to Del. State Escheator

DELAWARE - On Tuesday, officials announce the new appointment of a former Deputy Attorney General to a Director's role in the Department of Finance, in Delaware.

The Delaware Department of Finance says on Tuesday, Brenda R. Mayrack was appointed as the state's new Escheator, effective immediately. In this role, Mayrack will apparently be the Director of Unclaimed Property which is responsible for working with companies to ensure compliance with Delaware's abandoned property laws , as well as administering owner claims to this property.

Before joining the Delaware Department of Finance, Mayrack various roles included managing unclaimed property examinations with Specialty Audit Services, LLC in Narberth, PA, representing and advising holders of unclaimed property as an attorney in private practice and with the firm of Morris Nichols Arsht & Tunnell LLP in Wilmington. Mayrack also served as a Deputy Attorney General for the Delaware Department of Justice assigned to the the Delaware Public Service Commission.

In reference to Mayracks' appointment, Finance Secretary Rick Geisenberger says, "Brenda brings a wealth of knowledge to the department. Her experience in managing audits combined with her extensive legal experience representing both holders and owners of unclaimed property will be invaluable in our outreach and compliance efforts as the program moves forward under the revised statute and newly issued regulations."

According to officials, unclaimed property consists of various types of intangible and tangible properties that have remained unclaimed by their rightful owner for a specified period of time, and these can be anything from stocks to unredeemed gift certificates, life insurance policies and more. Recent changes to the state's unclaimed property laws apparently include increasing opportunities for companies to voluntarily come into compliance with the State's abandoned property laws, dramatically reducing the look-back period for businesses under audit, and establishing a clear 10-year records retention requirement. 

In a statement Governor John Carney says, "In my first year as Governor, my administration enacted comprehensive reforms to the State's unclaimed property system.These reforms enabled hundreds of companies that had been under audit to convert into a business-friendly voluntary self-disclosure program or an expedited audit.  And last fiscal year, we successfully reunited owners with property valued at more than $150 million in cash and securities.  Brenda Mayrack is an ideal candidate to lead the important work of the Office of Unclaimed Property." 


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