Delaware Code Title 12 Sec. 1160 – Recovery of securities or value by owner
(a) Beginning on July 1, 2017, a person that makes a valid claim under this chapter of ownership of a security following delivery of a security to the State Escheator is entitled to receive from the State Escheator 1 of the following:
(1) If the security is in the custody of the State Escheator at the time of the claim, the security the holder delivered to the State Escheator, plus dividends, interest, and other increments on the security up to the time the claim is paid, to the extent paid to the State Escheator.
(2) If the claim is made within 558 days from the date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Escheator, the replacement of the security or the market value of the security at the time the claim is filed, at the option of the State Escheator, plus any dividends, interest, and other increments on the security paid to the State Escheator.
(3) If the claim is made more than 558 days after the date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title, or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Escheator, the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security is sold, to the extent paid to the State Escheator.
Terms Used In Delaware Code Title 12 Sec. 1160
- 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
- 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) The State Escheator is not liable in any action for any act by the State Escheator made in good faith under this section.
(c) For the purpose of this section, the following apply:
(1) The date the claim is made is the date of the claimant’s first documented contact with the State Escheator regarding the property or claim, including a request for a property search, if the claim is made within 60 days of the contact.
(2) The date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title, or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Escheator, is deemed to be 30 days after the property was delivered to the State Escheator if the date cannot otherwise be reasonably determined or if no notice was required.
81 Del. Laws, c. 1, § 2; 70 Del. Laws, c. 186, § ?1; 83 Del. Laws, c. 59, § 8; 83 Del. Laws, c. 59, § 9; 83 Del. Laws, c. 346, § 5;