Statement of Amy Morris Hess Before the ERISA Advisory Council on the subject of Common Law Trustees' Duties Concerning Uncashed Checks Payable to Beneficiaries

This document is about the difference between property that escheats to a state and property that is held in a perpetual custodianship by a state under the Unclaimed Property Act. It also discusses the common law duties of a trustee of a private express trust when the trustee issues a check to a beneficiary of the trust in payment of a distribution from the trust, but the check is never cashed and the trustee has tried unsuccessfully to locate the beneficiary.