12 Del. C. § 1155
This is the official text of 12 Del. C. § 1155, part of Delaware’s Del. C — part of the compiled statutory law of Delaware, published by the state as "Del. C." Browse the sections below, each linked to its official government source.
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§ Â 1155. State Escheatorâs options as to custody.
Official statutory text
(a) The State Escheator may decline to take custody of property reported under § 1142 of this title if the State Escheator determines 1 of the following:
(1) The property has a value less than the estimated expenses of notice and sale of the property.
(2) Taking custody of the property would be unlawful.
(3) The property is tangible or in physical form, including but not limited to savings bonds and bearer bonds.
(4) Taking custody of the property may expose the State to a risk of litigation.
(5) The property is a “nonfreely transferable security” or “worthless security” as defined in § 1130 of this title.
(6) The property is virtual currency for which no ready market exists.
(b) A holder may pay or deliver property to the State Escheator before the property is presumed abandoned under this chapter if the holder does all of the following:
(1) Sends the owner of the property the notice required by § 1148 of this title and conforming to § 1149 of this title.
(2) Provides to the State Escheator evidence of the holder’s compliance with paragraph (b)(1) of this section.
(3) Includes with the payment or delivery a report regarding the property conforming to § 1142 of this title.
(4) First obtains the State Escheator’s consent in a record to accept payment or delivery.
(c) A holder’s request for the State Escheator’s consent under paragraph (b)(4) of this section must be in a record. If the State Escheator fails to respond to the request not later than 90 days after receipt of the request, the State Escheator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith, as defined in § 1153(d) of this title.
(d) On payment or delivery of property under subsection (b) of this section, the property is presumed abandoned.
(1) The property has a value less than the estimated expenses of notice and sale of the property.
(2) Taking custody of the property would be unlawful.
(3) The property is tangible or in physical form, including but not limited to savings bonds and bearer bonds.
(4) Taking custody of the property may expose the State to a risk of litigation.
(5) The property is a “nonfreely transferable security” or “worthless security” as defined in § 1130 of this title.
(6) The property is virtual currency for which no ready market exists.
(b) A holder may pay or deliver property to the State Escheator before the property is presumed abandoned under this chapter if the holder does all of the following:
(1) Sends the owner of the property the notice required by § 1148 of this title and conforming to § 1149 of this title.
(2) Provides to the State Escheator evidence of the holder’s compliance with paragraph (b)(1) of this section.
(3) Includes with the payment or delivery a report regarding the property conforming to § 1142 of this title.
(4) First obtains the State Escheator’s consent in a record to accept payment or delivery.
(c) A holder’s request for the State Escheator’s consent under paragraph (b)(4) of this section must be in a record. If the State Escheator fails to respond to the request not later than 90 days after receipt of the request, the State Escheator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith, as defined in § 1153(d) of this title.
(d) On payment or delivery of property under subsection (b) of this section, the property is presumed abandoned.
Status: in_force · Read it on the official government site
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