Delaware Code Title 12 Sec. 1150 – Notice to owner by State Escheator
(a) Subject to subsection (b) of this section, as soon as the State Escheator deems practicable after delivery, the State Escheator shall send written notice to an owner that a security or other property that is not money presumed abandoned and appears to be owned by the owner is held by the State Escheator under this chapter.
Terms Used In Delaware Code Title 12 Sec. 1150
- 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
- Personal property: All property that is not real property.
- 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
- Security: means any of the following:
- 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
- State Escheator: means the person responsible for the administration and enforcement of this chapter, as established by § 1102 of this title and § 363 of Title 30. See Delaware Code Title 12 Sec. 1130
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) In providing notice under subsection (a) of this section, the State Escheator shall send written notice to each owner of a security or other property that is not money held by the State Escheator to the last-known address of the owner contained in the records of the holder as provided to the State Escheator, unless the State Escheator determines that the notice would not be received by the owner or the State Escheator determines that the total value of the security or other property that is not money does not exceed $50. If, on reasonable inspection, the State Escheator determines that the notice may not be received by the owner, the State Escheator may take reasonable steps to correct, update, or validate the last-known address of the owner as contained in the records of the holder as provided to the State Escheator to make it more likely that the notice may be received by the owner.
(c) (1) The State Escheator and the State of Delaware are not liable to an owner based upon the liquidation of a security or other property that is not money if 1 of the following applies:
a. Notice has been sent as provided by this section.
b. The State Escheator has not acted unreasonably in determining that mailed notice would not be received by the owner.
c. On reasonable inspection, the State Escheator does or does not take reasonable steps to correct, update, or validate the last-known address of the owner as contained in the records of the holder as provided to the State Escheator to make it more likely that the notice may be received by the owner.
(2) Except with respect to the provisions of § 1160(a)(2) of this title, the State Escheator and the State of Delaware are not liable to the owner of a security or other property that is not money for an amount that exceeds that which was actually received upon the liquidation of the security.
(d) In June and December of each year, the State Escheator shall publish in a daily newspaper of this State a notice that unclaimed property paid to the State Escheator is available to be claimed by the owners of the unclaimed property.
(e) The notice required by subsection (d) of this section shall be in such form and classified in such manner as the State Escheator shall determine, except that the notice shall do all of the following:
(1) Occupy at least ½ page in a daily newspaper of this State.
(2) Provide the Uniform Resource Locator address of an internet-based searchable database that includes the names of all persons appearing to be entitled to any unclaimed property.
(3) Provide a toll-free customer service telephone number.
(4) Contain a statement that a claim for any unclaimed property must be filed with the State Escheator.
(f) Subject to the limitations of § 1189 of this title, the internet-based searchable database required by paragraph (e)(2) of this section must set forth all of the following:
(1) The names and last known address identifiers of all persons appearing from the records in the State Escheator’s office to be entitled to receive unclaimed property that consists of money in an amount not less than $10.
(2) The names and last known address identifiers of all persons appearing from the records in the State Escheator’s office to be entitled to receive unclaimed property that consists of personal property other than money and that the State Escheator has not determined under § 1155(a)(1) of this title to be valueless or of such little value that a sale of the property would cost in excess of the probable proceeds from the property.
(3) If any unclaimed property consisted of personal property other than money and was converted into money under § 1158 of this title and such money amounted to $10 or more, the names and last known address identifiers of the persons appearing from the records in the State Escheator’s office to be entitled to receive the money.
(4) Other information as the State Escheator may prescribe.
(g) The State Escheator shall regularly update the internet-based searchable database, and shall include in the database, at a minimum, all data received by the State 6 months immediately preceding the publication dates specified in subsection (d) of this section.
(h) The State Escheator may not include in the internet-based searchable database the names and last known address identifiers of persons whose claims for unclaimed property have been satisfied previously.
(i) Notwithstanding the foregoing provisions of this section, the State Escheator may omit from such internet-based searchable database the name and last known address identifier of any person if special circumstances make it desirable that such information be withheld.
(j) The State Escheator and the State of Delaware are not liable to an owner, absent gross negligence or intentional misconduct, for the failure to publish a notice of unclaimed property under subsection (d) of this section or the failure to include the name, address, and other information regarding a person entitled to receive property under subsection (f) of this section.
81 Del. Laws, c. 1, § 2; 83 Del. Laws, c. 59, § 5; 83 Del. Laws, c. 346, § 3;