Delaware Code Title 12 Sec. 1170 – Request for report of property; compliance reviews
(a) If a person does or does not file a report required by § 1142 of this title, the State Escheator may require the person to file a verified report in a form prescribed by the State Escheator. The verified report must do all of the following:
(1) State whether the person is holding property reportable under this chapter.
(2) Describe property not previously reported or about which the State has inquired or about which there is a dispute as to whether it is reportable under this chapter.
(3) State the amount or value of the property.
Terms Used In Delaware Code Title 12 Sec. 1170
- 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
- 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
- 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) The State Escheator may authorize a compliance review of a report and the notification requirements of § 1172(a) of this title do not apply. The compliance review must be limited to the contents of the report filed as required by §§ 1142 and 1143 of this title, subsection (a) of this section, and all supporting documents related to the reports. If the compliance review results in a finding of a deficiency in unclaimed property due and payable to the State, the State Escheator shall notify the holder in writing of the amount of deficiency within 1 year from the authorization of the compliance review. If the holder fails to pay the deficiency within 90 days, the State Escheator may seek to enforce the assessment under § 1171 or § 1180 of this title or may refer the holder to the Department of State in order to request that the holder enter into an unclaimed property voluntary disclosure agreement under § 1173 of this title. The State Escheator is not required to conduct a compliance review under this section before initiating an examination under §§ 1171 and 1172 of this title. Except as provided under § 1173(e) of this title, the filing of a verified report or participation in a compliance review does not preclude the holder from participating in the Secretary of State’s voluntary disclosure program under § 1173 of this title.
(c) A notification or request for information made under subsection (a) or (b) of this section may be sent to a person or an agent in possession of the records, including an agent, representative, subsidiary, or affiliate of the person subject to review under subsection (a) or (b) of this section in order to determine whether the person complied with this chapter.
81 Del. Laws, c. 1, § 2; 83 Del. Laws, c. 59, § 12; 83 Del. Laws, c. 346, § 8;