CHAPTER 507

RELATING TO ESCHEATS

AN ACT TO AMEND CHAPTER 11, TITLE 12, DELAWARE CODE, ENTITLED "ESCHEATS", DECLARING ABANDONED CERTAIN MONEY AND PERSONAL PROPERTY HELD BY COURTS AND BANKING ORGANIZATIONS WHICH HAVE BEEN UNCLAIMED FOR CERTAIN PERIODS OF TIME AND APPROPRIATING THE SAME FOR THE USE OF THE STATE OF DELAWARE; PROVIDING FOR THE RETURN OF CERTAIN SUCH PROPERTY TO THE PERSON ENTITLED THERETO AND THE ASSUMPTION OF LIABILITY THEREFOR BY THE STATE OF DELAWARE; PROVIDING FOR THE PUBLICATION OF THE NAMES OF THE PERSONS ENTITLED THERETO; PROVIDING FOR THE SUSPENSION OF INTEREST ON SUCH PROPERTY AND REQUIRING CERTAIN REPORTS; PROVIDING FOR THE SUSPENSION OF THE STATUTE OF LIMITATIONS IN CERTAIN CASES; PROVIDING FOR THE ASSESSMENT OF CERTAIN SERVICE CHARGES; PROVIDING FOR PENALTIES AND MAKING AN APPROPRIATION.

Be it enacted by the General Assembly of the State of Delaware:

Section I. Chapter 11, Title 12, Delaware Code, is amended by designating Chapter 11 as it now stands as "Subchapter I Intestate Property", and adding a new Subchapter as follows :

Subchapter II. Abandoned or Unclaimed Property Article 1. Abandoned Property Fund; Definitions § 1130. Definitions

As used in this subchapter--

"Banking Organization" includes any organization, corporation or association organized and existing under the provisions of Chapters 7 or 17 of Title 5 of the Delaware Code, or the corresponding provisions of statutes in effect prior to the enactment of said Code.

§ 1131. Abandoned property fund

(a) The State Escheator shall set aside and retain twenty-five percent of all moneys or the proceeds of any property received by him pursuant to this subchapter. The sum so retained, together with such sums as may from time to time be appropriated by the General Assembly, shall constitute the "Abandoned Property Fund".

(b) The Abandoned Property Fund shall be deposited with the State Treasurer and be kept as part of the General Fund subject to payments by the State Treasurer upon voucher signed by the State Escheator, and shall be used exclusively for the payment of any claims, when the right thereto has been established pursuant to the provisions of this subchapter. All such claims shall be paid only from the Abandoned Property Fund.

() The State Escheator shall, within two months of the receipt of any money pursuant to the provisions of this subchapter, pay to the State Treasurer the remaining seventy-five percent thereof for deposit in the General Fund.

§ 1132. Annual reports

(a) On or before the first day of February of each year the State Escheator shall file with the State Treasurer a verified report entitled : "REPORT OF AMOUNTS PAID INTO AND DISTRIBUTED FROM THE ABANDONED PROPERTY FUND DURING THE YEAR (stating year)."

(b) Such report shall contain :

(1) A statement showing the total balance remaining in the Abandoned Property Fund on the first day of January of the calendar year next preceding the date when such report is made.

(2) An itemized list of all sums paid into the Abandoned Property Fund during the calendar year next preceding such report, and indicating the source from which such sums were received by the State Escheator.

(3) An itemized list showing, in chronological order, all sums paid out of the Abandoned Property Fund by the State Escheator, and the names and addresses of the persons to whom such sums were paid.

(4) A statement showing the total amount remaining in the Abandoned Property Fund as of the thirty-first day of December next preceding the date when such report is made.

(5) Such other information as may be required by the State Treasurer.

(6) Such other information as the State Escheator may deem pertinent or necessary to reflect the then current status of the Abandoned Property Fund.

(c) The State Escheator may file with said annual report a statement containing such recommendations as he may deem necessary for the proper maintenance of the Abandoned Property Fund to insure that it will at all times be sufficient to pay any claims which may reasonably be expected to be asserted against it.

Article 2. General Provisions

§ 1140. Statutes of limitations not a bar

The expiration of any period of time specified by law, during which an action or proceeding may be commenced or enforced to secure payment of a claim for money or recovery of property, shall not prevent any money or property from being deemed abandoned property as defined in this subchapter, nor affect any duty to file a report required by this subchapter or to pay or deliver to the State Escheator any such abandoned property, and shall not serve as a defense in any action or proceeding by or on behalf of the State Escheator to compel the filing of any report or the payment or delivery of any abandoned property required by this subchapter or to enforce or collect any penalty provided by this subchapter.

§ 1141. Escheator to maintain public record

The State Escheator shall maintain a public record of all names and last known addresses of the person or persons appearing to be entitled to abandoned property paid or delivered to the

State Escheator pursuant to this subchapter. Other identifying information set forth in any report or record made or delivered to the State Escheator shall be retained by him but shall be considered confidential and may be disclosed only in the discretion of the State Escheator. The State Escheator shall not reveal the amount of any abandoned property, except to a person who has presented satisfactory proof of an interest in or title to such property or except for purposes directly connected with the administration of this subchapter.

§ 1142. Publication of abandoned property by State Escheator

(a) In the month of October of each year the State Escheator shall publish in a daily newspaper of this State a statement of abandoned property paid to him during the twelve months ending July first, next preceding such publication, which shall not have been paid to claimants.

(b). Such statement shall be in such form and classified in such manner as the State Escheator shall determine, except that names of persons appearing to be entitled to any such abandoned property shall be listed in alphabetical order within each such classification.

(c) Such statement shall set forth :

The names and last known addresses of all persons appearing from the records in the State Escheator's office to be entitled to receive such abandoned property consisting of money not less than ten dollars in amount;

(1) The names and last known addresses of all persons appearing from the records in the State Escheator's office to be entitled to receive such abandoned property consisting of personal property other than money and which the State Escheator shall not have determined, as provided in section 1143, to be valueless or of such little value that a sale thereof would cost in excess of the probable proceeds therefrom ;

(2) Where any such abandoned property consisted of personal property other than money and was converted into money pursuant to the provisions of section 1143, and such

money amounts to ten dollars or more, the names and last known addresses of the persons appearing from the records in the State Escheator's office to be entitled to receive the same;

(4) Such other information as the State Escheator may determine ; and

(5) A statement

(i) that a public record is maintained in the office of the State Escheator of all abandoned property in accordance with section 1141 of the subchapter ;

(ii) that a claim for any such abandoned property should be filed with the State Escheator at his office in the City of Wilmington ;

() that a service charge of one percent, but in no event less than one dollar in amount, must be retained by the State Escheator in connection with each claim of fifty dollars or more allowed or established.

(d) Notwithstanding the foregoing provisions of this section, the State Escheator may omit from such statement the name and last known address of any person where special circumstances make it desirable that such information be withheld.

§ 1143. Sale of personal property by State Escheator

(a) All abandoned property, other than money, delivered to the State Escheator pursuant to this subchapter, shall within fifteen months after such delivery be sold by him, at public auction to the highest bidder, except such property as in his opinion is valueless or of such little value that the cost of sale would exceed the probable proceeds therefrom.

() The proceeds from the sale of any such abandoned property, less all costs incurred in connection with such sale, shall be held in the place of such property and any claimant for abandoned property shall be entitled only to the money so received, less lawful service charges.

() -The State Escheator shall not be liable in any action for any act of his made in good faith pursuant to this section.

§ 1144. Assumption of liability by the State; return of property erroneously paid to the State Escheator

(a) The care and custody, subject only to the duty of conversion prescribed in section 1143 of this subchapter, of all abandoned property paid to the State Escheator is hereby assumed for the benefit of those entitled to receive the same, and the State shall hold itself responsible for the payment of all claims established thereto pursuant to law, less any lawful deductions, which cannot be paid from the Abandoned Property Fund.

(b) Any person, court, co-partnership, unincorporated association or corporation making a payment of abandoned property to the State Escheator shall immediately and thereafter be relieved and held harmless from any or all liability for the property so paid and no action shall be maintained against him, them, or it, for

(1) the recovery of abandoned property paid to the State Escheator pursuant to this subchapter or for interest thereon subsequent to the date of the report of such abandoned property to the State Escheator pursuant to this subchapter; and

(2) damages alleged to have resulted from any such payment.

(c) Nothing in this section shall be construed to relieve any person, court, co-partnership, unincorporated association or corporation from liability for

(1) any property not paid to the State Escheator,

(2) damages for negligence or the mishandling of funds or property prior to the time such funds or property are paid to the State Escheator.

(d) Whenever it appears to the satisfaction of the State Escheator that because of some mistake of fact, error in calculation or erroneous interpretation of a statute, any person has paid or delivered to the State Escheator, pursuant to any pro-

vision of this subchapter, any moneys or other property not required by the provisions of this subchapter to be so paid or delivered, he shall have power, during the six years immediately succeeding such erroneous payment or delivery, to refund or redeliver such moneys or other property to such person; provided that such moneys or property shall not have been paid or delivered to a claimant or otherwise disposed of in accordance with the provisions of this subchapter. Any such cash refund hereunder shall be paid from the abandoned property fund without the deduction of any service charge. The State Escheator shall not be liable for any interest or other charge for the money or property so refunded or redelivered.

(e) Whenever, because of some mistake of fact, error in calculation or erroneous interpretation of a statute, any person pays or delivers to the State Escheator any moneys or other property not required by the provisions of this subchapter to be so paid or delivered, such moneys or other property shall, for the purposes of this subchapter, be deemed to be abandoned property, unless and until refunded or redelivered by the State Escheator to the person who paid or delivered the same to him.

§ 1145. Interest not to run after report of abandoned property

Notwithstanding any other provision of law, no person entitled to, or owner of, abandoned property shall be entitled to receive interest on account of such abandoned property from and after the date a report of such abandoned property is made to the State Escheator pursuant to this subchapter whether or not he was entitled to interest on such property prior to such date.

§ 1146. Claims for abandoned property paid to the state; procedure for determination of claims; appeals

(a) Claim may be filed with the State Escheator for any abandoned property amounting to over three dollars paid to the State Escheator pursuant to this subchapter.

(b) (1) The State Escheator shall possess full and complete authority to determine all such claims and shall forthwith send written notice of such determination to the claimant. At

any time within four months thereafter, such claimant may apply for a hearing and determination of his claim by the State Tax Board. The procedure before the State Tax Board for such hearings shall be the same as that provided for by Title 30, section 326, paragraphs (a) and (b) ; and the Board shall have the same power to compel the attendance of witnesses and the production of evidence as is provided in Title 30, section 326, paragraph (c).

(2) Within 30 days after notice of a decision upon such hearing, the State Escheator or any claimant may appeal such decision to the Court of Chancery, upon notice to all parties to the proceeding before the State Tax Board, and upon such other notice as the Court of Chancery may order.

(2) The Court of Chancery may make such rules as it may deem proper for the perfection, hearing and determination of such appeals.

§ 1147. Payment by State Escheator

Any claim which is allowed by the State Escheator or ordered to be paid by him pursuant to the provisions of section 1146, together with such costs and disbursements as may be allowed by the Court or the State Tax Board shall be paid out of the abandoned property fund and the State Escheator shall not be liable in any action for any claim paid by him in good faith. There shall be deducted by the State Escheator from any claim of fifty dollars or more allowed on the amount, other than costs and disbursements allowed by the Court or the State Tax Board, of any claim ordered to be paid by him, one percent, but in no event less than one dollar, from any such payment as a service charge, and such amount shall remain in the abandoned property fund.

§ 1148. Verification

Any report required to be verified by this subchapter shall be verified if made by a person, by such person, if made by a partnership, by one of the members thereof, if made by an unincorporated association or private corporation, by one principal

officer thereof, if made by a public corporation, by the chief fiscal officer thereof, and if made by a court, by a judge or the clerk of such court.

§ 1149. Payment for publication

Any amount paid by a person to a newspaper or newspapers for any publication of names as required by this subchapter may be charged equally against all abandoned property held or owing by such person at the time of such publication, except abandoned property of individual amounts of less than twenty-five dollars.

§ 1150. Designation of newspapers

Any notice required by this subchapter shall be published in such newspapers as shall be designated by the State Escheator.

§ 1151. Waiver of publication

The State Escheator may waive the publication of any notice required by this subchapter, except a notice required by section 1142, whenever in his opinion the cost of publishing such notice would be unreasonable in relation to the amount of abandoned property.

§ 1152. Penalty for failure to report or file

Any person failing to make any report or to file any affidavit required by the subchapter shall forfeit to the State of Delaware the sum of one hundred dollars for each day such report or affidavit shall be delayed or withheld, except that the State Escheator may extend the time for making any such report or filing any such affidavit and may waive the payment of any penalty or part thereof provided for by this section.

§ 1153. Penalty for fraudulent returns

The making of a willful false oath in any report required under the provisions of this subchapter shall be perjury and punishable as such according to law.

§ 1154. State Escheator to make regulations

The. State Escheator may make such rules and regulations as he may deem necessary to enforce the provisions of this subchapter.

Article 3. Unclaimed or Unknown Owner Court Funds § 1160. Unclaimed or unknown owner court funds

(a) The following property shall be deemed abandoned property :

(1) Any legacy, residue of intestate personal estate, distributive share or trust fund paid into the Court of Chancery by any executor, administrator or trustee because the person entitled thereto was absent from the State, unknown or incompetent to receive the same or because the shares of the persons entitled to receive the same were unknown ; and as to which no action has been taken in any proceeding in the Court of Chancery to recover the same within a period of twenty years; provided, however, that if the Chancellor or Vice Chancellor shall be of the opinion that the person entitled to any funds deposited in or held by the Court of Chancery is living and intends to claim such funds when able, but is prevented from doing so by reasons beyond his control, the Chancellor or Vice Chancellor shall so certify to the State Escheator in lieu of the report otherwise required by this subchapter, and such funds shall not be deemed abandoned in any year in which such certification is made.

(0) Any money or other property held by the Court of Chancery, on account of the receivership or creditors' composition of any person or organization, for distribution to a creditor, owner, or shareholder, and as to which no claim or request for payment has been made by the person appearing to be entitled thereto, within 15 years after any order discharging the receiver or trustee; provided, however, that if the Chancellor or Vice Chancellor shall be of the opinion that the person entitled to any funds deposited in or held by the Court of Chancery is living and intends to claim such funds when able, but is prevented from doing so by reasons beyond his control, the Chancellor or Vice Chancellor shall so certify to the State Escheator in lieu

of the report otherwise required by this subchapter, and such funds shall not be deemed abandoned in any year in which such certification is made.

(b) Any abandoned property held or owing by any court or by the clerk of any court to which or to whom the right to receive the same is established to the satisfaction of such court or clerk shall cease to be abandoned.

(c) Any abandoned property defined by this section which, under the provisions of this section, would have become abandoned prior to January 1, 1956, shall be deemed to become abandoned on January 1, 1956.

§ 1161. Publication of list of abandoned property

(a) On or before the first day of February in each year, any court or any clerk of a court having abandoned property in its or his possession shall cause to be published a notice entitled : "NOTICE OF NAMES OF PERSONS APPEARING AS OWNERS OF CERTAIN UNCLAIMED PROPERTY HELD BY (name of court or title of officer)."

(b) As to all abandoned property payable in New Castle County, such notice shall be published at least once in a daily newspaper published in said county. As to all abandoned property payable in Kent County or Sussex County, such notice shall be published at least once in a newspaper published at least weekly in the county in which said abandoned property is payable.

(c) Such notice shall be classified as the State Escheator shall prescribe and shall set forth :

(1) the names and last known addresses, in alphabetical order, of all persons appearing to be entitled to any such abandoned property, as of the first day of January next preceding, amounting to twenty-five dollars or more, except the names of persons appearing to be the owners of abandoned property which since such date has ceased to be abandoned. With the consent of the State Escheator, the name and last

known address of any person may be omitted from such notice where special circumstances make it desirable that such information be withheld;

(2) such other information as the State Escheator may require ; and

(3) a statement

(i) that a list of the names contained in such notice is on file and open to public inspection at a place designated therein ;

(ii) that such unclaimed moneys or other property will be paid or delivered by him or it on or before the thirty-first day of March to persons establishing to his or its satisfaction their right to receive the same ; and

() that in the succeeding month of April and on or before the tenth day thereof, such unclaimed moneys or other property still remaining will be paid or delivered to the State Escheator and that he or it shall thereupon cease to be liable therefor.

§ 1162. Payment of abandoned property

(a) In such succeeding month of April, and on or before the tenth day thereof, the Court of Chancery shall pay or deliver to the State Escheator all property held by it and which was abandoned as specified in section 1160 (a) (1) as of the first day of January next preceding.

(b) In such succeeding month of April, and on or before the tenth day thereof, the Court of Chancery shall pay or deliver to the State Escheator and abandoned property specified in section 1160 (a) (2) which was so abandoned as of the first day of January next preceding.

§ 1163. Report to accompany payment

Each such payment of abandoned property pursuant to section 1162 shall be accompanied by a verified written report classified as the State Escheator shall prescribe, setting forth :

(1) The names and last known addresses, if any, of the persons entitled to receive such abandoned property;

(2) The title of any proceeding relating to such abandoned property; and

(3) Such other identifying information as the State Escheator may require.

Article 4. Unclaimed Property Held or Owing by Banking Organizations

§ 1170. Unclaimed property held or owing by banking organizations

(a) The following unclaimed property held or owing by banking organizations shall be deemed abandoned property:

(1) Any amounts due on deposits or any amounts to which a shareholder of a savings and loan association, building and loan association or credit union is entitled, held or owing by a banking organization, which shall have remained unclaimed for 25 years by the person or persons appearing to be entitled thereto, including any interest or dividends credited thereon, excepting:

(i) Any such amount which has been reduced or increased, exclusive of dividend or interest payment, within 25 years, or

(ii) Any such amount which is represented by a passbook not in the possession of the banking organization, which has been presented for entry of dividend or interest credit within 25 years, or

() Any such amount with respect to which the banking organization has on file written evidence received within 25 years that the person or persons appearing to be entitled to such amounts had knowledge thereof, or

(i) Any such amount payable only at or by a branch office located in a foreign country, or payable in currency other than United States currency, or

(v) Any amount held or owing by the banking organization as agent, or as trustee of an express trust (active or passive), for the purpose of making payment to holders of, or in respect of, stocks, bonds or other securities of a governmental or other public issuer, or of a corporation, association or joint stock company, other than a corporation, association' or joint stock company which shall have discontinued the conduct of its business, or the corporate existence of which shall have terminated, without the right to receive such amount having passed to a successor or successors.

(2) Any amount held or owing by a banking organization for the payment of a negotiable instrument or a certified check whether negotiable or not, on which such organization is directly liable, which instrument shall have been outstanding for more than 25 years from the date it was payable or from the date of its issuance, if payable on demand ; provided, however, the provisions of this paragraph (2) shall not apply :

(i) To any negotiable instrument payable outside the continental limits of the United States, or

(ii) To any instrument payable in currency other than United States currency, or

() To any negotiable instrument issued to pay out any amount held or owing by the banking organization as agent, or as trustee of an express trust (active or passive), for the purpose of making payment to holders of, or in respect of, stocks, bonds or other securities of a governmental or other public issuer, or of a corporation, association or joint stock company which shall have discontinued the conduct of its business, or the corporate existence of which shall have terminated, without the right to receive such amount having passed to a successor or successors.

(3) Any surplus amounts arising from a sale by a banking organization of the contents of a safe or box, pursuant to the provisions of law.

(4) Any amount representing a dividend or other payment received by a banking organization or its nominee as the record holder of any stock, bond, or other security of any corporation, association or joint stock company, to which amount an unknown person (except a person entitled to such dividend or other payment upon the surrender of other outstanding securities) is entitled and which shall have remained unclaimed by the person entitled thereto for five years after receipt thereof by such banking organization or its nominee.

(5) Any amount which shall have become payable by a banking organization (other than a foreign banking corporation) to a holder or owner of its capital stock, and which shall have remained unclaimed for 25 years by the person or persons appearing to be entitled thereto.

(b) Any abandoned property held or owing by a banking organization to which the right to receive the same is established to the satisfaction of such banking organization shall cease to be deemed abandoned.

(c) Any abandoned property defined by this section which, under the provisions of this section would have become abandoned prior to June 30, 1956, shall be deemed to become abandoned on June 30, 1956.

§ 1171. Annual report of abandoned property

(a) On or before the first day of August in each year every banking organization shall make a verified written report to the State Escheator, which shall contain a true and accurate statement, as of the thirtieth day of June next preceding of all abandoned property specified in Section 1170, held owing by it.

()

(1) Such report shall, with respect to amounts specified in section 1170 (a) (1) which are abandoned property, set forth:

(i) The name and last known address, if any, of the person or persons appearing from the records of such banking organization to be the owner of any such abandoned property;

(ii) The amount appearing from such records to be due such person or persons;

() The date of the last transaction with respect to such abandoned property;

(ii) The nature and identifying number, if any, of such abandoned property; and

(iii) Such other identifying information as the State Escheator may require.

(2) Such report shall, with respect to amounts specified in section 1170 (a) (2) which are abandoned property, set forth:

(i) The name and last known address, if any, of the person or persons appearing from the records of such banking organization to be entitled to receive such abandoned property;

() A description of such abandoned property including identifying numbers, if any, and the amount appearing from such records to be due or payable;

(i) The amount of any interest or other increment due thereon;

(ii) The date such abandoned property was payable or demandable;

(iii) The amount and identifying number of any such instrument where the payee thereof is unknown to the banking organization; and

(iv) Such other identifying information as the State Escheator may require.

(3) Such report shall, with respect to amounts specified in section 1170 (a) (3) which are abandoned property, set forth:

(i) The name and last known address, if any, of the person or persons appearing from the records of such banking organization to be the owner of any such abandoned property;

(ii) The articles sold, and price obtained therefor;

(iii) Such other information as the State Escheator may require.

(4) Such report shall, with respect to amounts specified in section 1170 (a) (4) which are abandoned property, set forth:

(i) The name and last known address, if any, of the person or persons appearing from the records of such banking organization to be the owner of any such abandoned property;

(ii) The amount appearing from such records to be due such person or persons;

() The date when such property was received by the banking organization, and the date when it became payable to the owner;

(i) A description of the stock or security on account of which such property was received;

(ii) Such other identifying information as the State Escheator may require.

(5) Such report shall, with respect to amounts specified in section 1170 (a) (5) which are abandoned property, set forth:

(i) The name and last known address, if any, of the person or persons appearing from the records of such banking organization to be the owner of any such abandoned property;

(ii) The amount appearing from such records to be due such person or persons;

() The date when such property became payable to the said owner ;

(i) A description of the capital stock on account of which the said property is payable; and

(ii) Such other identifying information as the State Escheator may require.

(c) Such report shall be in such form as the State Escheator may prescribe. All names of persons appearing in the section of such report relating to deposits, appearing to be the owners thereof, shall be listed in alphabetical order. Abandoned property other than deposits listed in such report shall be classified in such manner as the State Escheator may prescribe, and names of persons appearing to be entitled to such abandoned property appearing in such report shall be listed alphabetically within each such classification.

(d) In case any banking organization shall on the thirtieth day of June in any year neither hold nor owe any abandoned property specified in section 1170, it shall on or before the tenth day of August next succeeding make a verified written report to the State Escheator so stating.

§ 1172. Publication of list of abandoned property

(a) Within thirty days after making a report of abandoned property pursuant to the provisions of section 1171, such banking organization shall cause to be published a notice entitled: "NOTICE OF NAMES OF PERSONS APPEARING AS OWNERS OF CERTAIN UNCLAIMED PROPERTY HELD BY (name of banking organization)".

(b) For all abandoned property payable in New Castle County, such notice shall be published at least twice in a daily newspaper published in said county. For all abandoned property payable in Kent County or Sussex County, such notice shall be published at least once in a newspaper published at least weekly in the county in which said abandoned property is payable.

(c) Such notice shall, in accordance with the classification prescribed by the State Escheator for the report pursuant to the provisions of section 1171, set forth:

(1) The names and last known addresses, which were in such report, of all persons appearing to be entitled to any such abandoned property amounting to twenty-five dollars or more ; provided, however, that with the consent of the State Escheator the name and last known address of any person may be omitted from such notice where special circumstances make

it desirable that such information be withheld. Such names shall be listed in alphabetical order. If, however, such banking organization has reported abandoned property payable in more than one county, the names shall be listed alphabetically for each such county and such notice shall include only the names of the persons appearing to be entitled to abandoned property payable in such county.

(2) Such other information as the State Escheator may require, and

(3) A statement

(i) That a report of unclaimed amounts of money or other property held or owing by it has been made to the State Escheator and that a list of the names contained in such notice is on file and open to public inspection at the principal office or place of business of such banking organization in any county where any such abandoned property is payable;

(ii) That such unclaimed moneys or other property will be paid or delivered by it on or before the succeeding thirty-first day of October to persons establishing to its satisfaction their right to receive the same; and

() That in the succeeding month of November, and on or before the tenth day thereof, such unclaimed moneys or other property still remaining will be paid or delivered to the State Escheator and that it shall thereupon cease to be liable therefor.

§ 1173. Payment of abandoned property

(a) In such succeeding month of November, and on or before the tenth day thereof, every banking organization shall pay or deliver to the State Escheator all abandoned property specified in such report, excepting such abandoned property as since the date of such report shall have ceased to be abandoned.

(b) Such payment shall be accompanied by a statement setting forth such information as the State Escheator may require relative to such abandoned property as shall have ceased to be abandoned.

§ 1174. Unclaimed property held by the State Bank Commissioner after receivership

(a) All amounts held by the State Bank Commissioner as receiver of a banking organization, pursuant to Title 5, section 131 of the Delaware 'Code, which shall be payable to depositors of such banking organization and which shall not have been claimed and paid within four years after receipt by the State Bank Commissioner shall be deemed abandoned property.

(b) Any such abandoned property held by the State Bank Commissioner to which the right to receive the same is established while in his hands shall cease to be deemed abandoned.

§ 1175. Payment of abandoned property after receivership

(a) Not later than the first day of February in each year the State Bank Commisisoner shall pay to the State Escheator all such abandoned property held by him which shall have become abandoned property at any time .prior to the first day of July next preceding, excepting such abandoned property as since such first day of July shall have ceased to be abandoned.

(b) Such payment shall be accompanied by a statement signed by the State Bank Commissioner setting forth the name and last known address of, and the amount owing to, each person appearing to be the owner of any such abandoned property, or if the name is unknown, the nature and identifying number of the indebtedness and the name of the banking organization or foreign banking corporation from which such abandoned property was received, together with such other identifying information as the State Escheator may require.

§ 1176. Reimbursement for instruments paid

Any banking organization which has paid to the State Escheator abandoned property held or owing for the payment of a negotiable instrument or a certified check may make payment to the person entitled thereto, upon presentation of the instrument by such person, and shall thereby be entitled to reimbursement of the amount paid to the State Escheator. Such re-

imbursement shall be made by the State Escheator after audit of a claim of the banking organization without the deduction of any service or other charge.

Section 2. There is:appropriated the sum, of $15,000.00 to the State Escheator for: the. purpose * of carrying out the provisions of this subchapter.

Section 8. This Act is a supplementary appropriation and the money appropriated shall be paid by the State Treasurer out of the General Fund of the State of Delaware.

Approved August 2, 1955.