Delaware Code Title 12 Sec. 1158 – Public sale of property
(a) All property, other than money, delivered to the State Escheator under this chapter shall be sold or disposed of in accordance with this section.
Terms Used In Delaware Code Title 12 Sec. 1158
- 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
(b) All property, other than money, delivered to the State Escheator under this chapter 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 determines to be in the best interest of the State. The State Escheator may dispose of securities 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.
(c) The State Escheator shall hold the proceeds from a sale of property, other than money, delivered to the State Escheator, less all costs incurred in connection with the sale, in the place of the property and any claimant of the property is entitled only to the money so received, less lawful service charges.
(d) The State Escheator is not liable in any action for any act made in good faith under this section.
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; 81 Del. Laws, c. 1, § 2;