CHAPTER 598

HOUSE BILL NO. 1031

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 11, TITLE 12, DELAWARE CODE, RELATING TO ABANDONED PROPERTY FUNDS RESULTING FROM ESCHEATS.

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

Section 1. Amend Subchapter II, Chapter 11, Title 12, Delaware Code by striking the heading "ARTICLE 1. ABANDONED PROPERTY FUND; DEFINITIONS" as the same appears at the beginning of Subchapter 11 in its entirety and substituting in lieu thereof the following:

"ARTICLE 1. DEPOSIT TO GENERAL FUND; DEFINITIONS"

Section 2. Amend §1131, Chapter 11, Title 12, Delaware Code by striking said Section in its entirety and substituting in lieu thereof a news §1131 to read as follows:

"§1131. Deposit to General Fund.

(a) The State Escheator shall deposit into the General Fund all moneys or proceeds of property received pursuant to the provisions of this Chapter.

(b) The payment of all claims, the right to which is established pursuant to the provisions of this Chapter, shall be made from the General Fund upon voucher signed by the State Escheator."

Section 3. §1132. Subchapter II, Chapter 11, Title 12, Delaware Code is hereby repealed.

Section 4. Amend §1147, Chapter 11, Title 12, Delaware Code by striking the second sentence thereof in its entirety.

Section 5. Amend §1152, Chapter 11, Title 12, Delaware Code by striking said Section in its entirety and substituting in lieu thereof a new §1152 to read as follows:

"§1152. Penalty for failure to report or make payment.

Any banking organization failing to report or pay over any amounts as required by this Chapter shall be subject to a civil penalty of twenty-five dollars ($25.00) for each day such report or payment is withheld, not to exceed a maximum of $5,000.00, except that the State Escheator may extend the time for filing any report or making payment, and may waive all or any portion of the penalty if the failure is due to reasonable cause and not due to willful neglect."

Section 6. Amend Subchapter II, Chapter 11, Title 12, Delaware Code by striking the words "Abandoned Property Fund" wherever the same appear therein in their entirety and substituting in lieu thereof the words "General Fund".

Section 7. This Act shall take effect as of January 1, 1977.