Delaware Code Title 12 Sec. 2316 – Payment of legacy, distributive share or trust fund where person …
(a) If an executor, administrator or trustee cannot pay over a legacy, residue of intestate personal estate, distributive share or trust fund in the executor’s, administrator’s or trustee’s hands, because the person entitled to the same, or any part thereof, is absent from the State, unknown or incompetent to receive the same or because the shares of the persons entitled to the same are unknown, such executor, administrator or trustee may present to the Court of Chancery a petition setting forth the facts and praying relief. The Court, upon being satisfied that it is a proper case for relief, shall order the petitioner to pay into the Court of Chancery the amount in the petitioner’s hands, with the interest which may have accrued thereon, less such costs, expenses and counsel fees as may be allowed by the Court. Upon compliance with such order the petitioner and the petitioner’s sureties shall be discharged from all further liability in respect to the money so paid.
Terms Used In Delaware Code Title 12 Sec. 2316
- Chambers: A judge's office.
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Executor: A male person named in a will to carry out the decedent
- Intestate: Dying without leaving a will.
- Legacy: A gift of property made by will.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, a federally recognized Indian tribe, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 39A-101
- Trustee: A person or institution holding and administering property in trust.
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(b) Any money so paid into Court may, by order of the Court, be deposited, in the name of the Court, in any state or national bank having its principal office in the State, or in any savings bank in this State, or invested in the name of the State in the funded debt of this State or of the United States, or upon bond or mortgage or both for the benefit of the parties entitled to the same. The costs of such investment shall be payable out of the fund.
(c) The Court may direct such proceedings, issue such writs and make such orders as it deems expedient for ascertaining the parties entitled to the money paid into Court, and for the payment and distribution of the same; and for this purpose the Court may cause notice to parties interested, residing out of this State or whose residences are unknown, to be given by publication or otherwise as it directs and may appoint an auditor to investigate and report to the Court as to any matter necessary to be determined in the premises. Any proceeding, writ or order authorized by this section may be taken, directed, issued, returned or made as well in vacation at chambers as at term time.
(d) Any payment or distribution of money paid into Court and made by order of the Court under this section shall be final and conclusive as to the right of the parties interested therein.
16 Del. Laws, c. 523, §§ ?1-4; Code 1915, § ?3392; Code 1935, § ?3857; 12 Del. C. 1953, § ?2316; 50 Del. Laws, c. 209, §§ ?1, 2; 59 Del. Laws, c. 384, § ?1; 63 Del. Laws, c. 142, § ?30; 70 Del Laws, c. 186,, § ?1;