12 Del. C. § 1187
This is the official text of 12 Del. C. § 1187, 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 1187. When agreement to locate property unenforceable.
Official statutory text
(a) Subject to subsection (b) of this section, an agreement under § 1186 of this title is void and unenforceable if it is entered into during the period beginning on the date the property was distributable to the owner and ending 24 months after the payment or delivery.
(b) If a provision in an agreement described in subsection (a) of this section applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void and unenforceable regardless of when the agreement is entered into.
(c) For an agreement under subsection (a) of this section, total fees and costs may not exceed $1,000 or 10% of the value of the property recovered, whichever is less.
(d) An owner or the State Escheator may assert that an agreement described in this section is invalid on a ground other than it provides for payment of unconscionable compensation.
(e) This section does not apply to an owner’s agreement with an attorney to contest the State Escheator’s denial of a claim for recovery of the property.
(b) If a provision in an agreement described in subsection (a) of this section applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void and unenforceable regardless of when the agreement is entered into.
(c) For an agreement under subsection (a) of this section, total fees and costs may not exceed $1,000 or 10% of the value of the property recovered, whichever is less.
(d) An owner or the State Escheator may assert that an agreement described in this section is invalid on a ground other than it provides for payment of unconscionable compensation.
(e) This section does not apply to an owner’s agreement with an attorney to contest the State Escheator’s denial of a claim for recovery of the property.
Status: in_force · Read it on the official government site
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