Office Depot, Inc. v. Secretary of Finance Ex Rel. Delaware

OPINION ***

KRAUSE, Circuit Judge.

In this case we are asked to decide whether Delaware may conduct an audit examining whether monies paid for stored-value gift cards issued by a Delaware company’s out-of-state subsidiary are held by the parent company and thus subject to escheat, or whether such an audit is preempted by the federal common law governing escheat-. Appellants are Office Depot, Inc., a Delaware corporation with a principal place of business in Florida, and North American Card and Coupon Services, LLC (NACOS), Office Depot’s special-purpose subsidiary organized in Virginia.

In all…