Del. Code 12, § 1199 : Decedents' Estates And Fiduciary Relations — Escheats — Other Unclaimed Property — Report by holders of abandoned property

  • Date:

Current through 2016 Legislative Session, Act 399

(a)Every holder of funds or other property, tangible or intangible, deemed abandoned under this subchapter shall file with the State Escheator, on or before March 1 of each year, as of December 31 next preceding, a report with respect to such property. The State Escheator shall send a notice no later than 120 days prior to March 1 to holders that have filed reports in the past five (5) report years, notifying the holder of their apparent obligation to file a report. The report shall be verified and shall include:
(1) The name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property deemed abandoned under this subchapter;
(2) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $50 each may be reported in aggregate;
(3) The date when the property became payable, demandable or returnable and the date of the last transaction with the owner with respect to the property;
(4) A designated individual employed by the holder who will serve as the contact for all correspondence with the State related to the reporting and remittance of unclaimed property pursuant to this Chapter. Such designation shall also include the contact's mailing address, telephone number, email address, and title. The holder is obligated to notify the State in the case of any change of the designated individual, or any change of contact information provided; and
(5) Other information which the State Escheator may prescribe.
(b) Upon written request the State Escheator may grant an extension of time with respect to the date for filing the report.
(c) The requirements of this section for filing an annual report shall not apply to municipal corporations or counties and the fiscal officers thereof.
(d) Verification, if made by a partnership, shall be executed by a partner, if made by an unincorporated association or private corporation, by an officer and if made by a public corporation, by its chief fiscal officer.
(e) If the person holding property deemed abandoned is a successor to other persons who previously held the property for the owner or if the holder has changed name while holding the property, the person holding the property shall file with the report all prior known names and addresses of each holder of the property.
(f)
(1) With respect to any stock or other certificate of ownership or any dividend, profit, distribution, interest, payment on principal or other sum held owing by a corporation or other business association for or to a shareholder, certificate holder, member, bondholder or other security holder, the initial report filed under this section shall include all such items of property deemed abandoned under this subchapter without limitation as to time.
(2) Except as provided in paragraph (1) of this subsection, the initial report shall include all such items of property which, under this subchapter, would have been deemed abandoned on the effective date of this subchapter had this subchapter been in effect on January 1, 1964.
(g) No reporting shall be required solely by virtue of holding property constituting consideration paid for unredeemed gift certificates which, in the aggregate, for the reporting period have a face value of less than $5,000 or for gift certificates having a face value of $5 or under issued by a holder whose business is described in § 2906 of Title 30 whether or not such firm conducts business in this State.
Del. C. § 1199
Amended by Laws 2015, ch. 114,s 6, eff. 7/22/2015.
12 Del. C. 1953, § 1199; 58 Del. Laws, c. 275, § 1; 58 Del. Laws, c. 426, § 4; 66 Del. Laws, c. 379, §6; 67 Del. Laws, c. 264, §5; 70 Del. Laws, c. 186, § 1; 70 Del. Laws, c. 298, § 3; 72 Del. Laws, c. 45, § 1.;
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