Delaware Code Title 12 Sec. 1134 – When contents of safe deposit box presumed abandoned
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Proceeds from a sale of tangible property held in a safe deposit box by the holder permitted by law of this State other than this chapter are presumed abandoned if the property remains unclaimed by the owner 5 years after the earlier of 1 of the following:
(1) The expiration of the lease or rental period for the box.
(2) The earliest date when the lessor of the box is authorized by law of this State other than this chapter to enter the box and remove or dispose of the contents without consent or authorization of the lessee.
Terms Used In Delaware Code Title 12 Sec. 1134
- Holder: means any person having possession, custody, or control of the property of another person and includes a post office, a depository, a bailee, a trustee, a receiver or other liquidating officer, a fiduciary, a governmental department, institution or agency, a municipal corporation and the fiscal officers thereof, a public utility, service corporation, and every other legal entity incorporated or created under the laws of this State or doing business in this State. See Delaware Code Title 12 Sec. 1130
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Owner: means a person, or the person's legal representative when acting on behalf of the person, that has a legal, beneficial, or equitable interest in property subject to this chapter. See Delaware Code Title 12 Sec. 1130
- Property: means tangible property described in § 1134 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See Delaware Code Title 12 Sec. 1130
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 1130