Del. Code 12, § 1143 : Decedents' Estates And Fiduciary Relations — Escheats — Abandoned Or Unclaimed Property — Sale of personal property by State Escheator

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Current through 2016 Legislative Session, Act 399

(a) All abandoned property, other than money, delivered to the State Escheator pursuant to this subchapter may be sold or disposed of at public auction to the highest bidder or in such manner and at such times as the State Escheator, in the Escheator's discretion, shall determine to be in the best interest of the State. In the case of stocks, bonds or other securities, disposition may be made by sale through a registered broker on a recognized securities exchange or over the counter market or, if there is no ready market for such security, by negotiation or public auction.
(b) The proceeds from the sale of any such abandoned property, less all costs incurred in connection with such sale, shall be held in the place of such property and any claimant for abandoned property shall be entitled only to the money so received, less lawful service charges.
(c) The State Escheator shall not be liable in any action for any act made in good faith pursuant to this section.
Del. C. § 1143
12 Del. C. 1953, § 1143; 50 Del. Laws, c. 507, § 1; 59 Del. Laws, c. 16, § 1; 67 Del. Laws, c. 245, §1; 70 Del. Laws, c. 186, § 1.;
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