Delaware Code Title 12 Sec. 1136 – Indication of owner interest in property
(a) Property is not presumed abandoned if the owner indicates an interest in the property during the applicable periods in this chapter.
Terms Used In Delaware Code Title 12 Sec. 1136
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Delaware Code Title 12 Sec. 1130
- 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
- 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
- Person: means an individual; estate; business association; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity. 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Delaware Code Title 12 Sec. 1130
- Security: means any of the following:
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) An indication of an owner’s interest in property includes any of the following:
(1) A record communicated by the owner to the holder or agent of the holder concerning the property or the account in which the property is held.
(2) An oral communication by the owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or its agent contemporaneously makes and preserves a record of the fact of the owner’s communication.
(3) Presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution.
(4) Activity directed by an owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the owner to increase, decrease, or otherwise change the amount or type of property held in the account.
(5) Subject to subsection (d) of this section, payment of a premium on an insurance policy.
(c) A communication with an owner by a person other than the holder or the holder’s representative is not an indication of the owner’s interest in the property unless a record of the communication evidences the owner’s knowledge of a right to the property.
(d) Application of an automatic-premium-loan provision or other nonforfeiture provision contained in an insurance policy is not an indication of the insured’s interest in the policy and does not prevent the policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds before depletion of the cash surrender value of the policy by application of the provision.
(e) If the property is either held within accounts established for automatic electronic deposit of dividends (“ACH Accounts”) or within accounts established as part of a dividend reinvestment plan, including mutual fund accounts and brokerage accounts (collectively, “DRP Accounts”), the mailing of an IRS Form 1099 relating to the investment or account by the holder or its agent to the owner that is not returned to the holder or its agent by the United States Postal Service is an indication of the owner’s interest in the property.
(f) For purposes of a security where the last-known address of the owner is in a foreign country, an executed Form W-8 BEN from the owner dated within 3 years of the end of any calendar year on file with the holder or its agent is an indication of the owner’s interest in the property.
(g) If an owner has more than 1 investment or account with a holder, an indication of owner interest with respect to 1 investment or account with that holder is an indication of the owner’s interest in all accounts of the owner with respect to that holder.