Del. Code 12, § 1201 : Decedents' Estates And Fiduciary Relations — Escheats — Other Unclaimed Property — Payment or delivery of abandoned property

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Current through 2016 Legislative Session, Act 399

(a) On or before the date required for the filing of the report pursuant to § 1199 of this title, every holder of abandoned property shall pay or deliver to the State Escheator all abandoned property specified in the report, except that if it appears the reported abandonment is erroneous, the holder need not pay or deliver the property, which will no longer be deemed abandoned, to the State Escheator, but in lieu thereof shall file a verified written explanation of the proof of claim or other reason. The holder of any intangible ownership interest in a corporation deemed abandoned under this subchapter shall, when making the delivery contemplated by this section:
(1) If such interest is a certificated security as defined in § 8-102(a) of Title 6 deliver either the original stock certificate evidencing the abandoned property, if such is in its possession or a duly issued replacement certificate evidencing such property in a form suitable for transfer; or
(2) If such interest is an uncertificated security as defined in § 8-102(a) of Title 6 cause such uncertificated security to be registered in the name of the State Escheator.
(b) [Deleted.]
Del. C. § 1201
12 Del. C. 1953, § 1201; 58 Del. Laws, c. 275, § 1; 58 Del. Laws, c. 426, § 6; 65 Del. Laws, c. 351, §4; 68 Del. Laws, c. 122, §3; 69 Del. Laws, c. 180, §§3, 4; 75 Del. Laws, c. 19, §§ 1, 2.;
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