CHAPTER 379

FORMERLY

HOUSE BILL NO. 686

AN ACT TO AMEND CHAPTER 11, TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §1170, Chapter 11, Title 12 of the Delaware Code by striking the phrase "7 years" wherever It appears in paragraph (a) (1); subparagraphs a, b, and c of paragraph (a) (I); paragraph (a) (2); and paragraph (a) (5) of said section and substitute in lieu thereof the phrase "5 years".

Section 2. Amend §1181, Chapter 11, Title 12 of the Delaware Code by striking the phrase "7 years" as it appears in said section and substitute in lieu thereof the phrase "5 years".

Section 3. Amend §1198, Chapter 11, Title 12 of the Delaware Code by striking the phrase "7 years" as it appears In subsection (8) of said section and substitute in lieu thereof the phrase "5 years".

Section 4. Amend §1198, Chapter 11, Title 12 of the Delaware Code by striking the phrase "7 years" as it appears fn subsection (10) of said section and substitute in lieu thereof the phrase "5 years".

Section 5. Amend §1197, Chapter 11, Title 12 of the Delaware Code by striking the phrase "7 years" as it appears therein and insert in lieu thereof the phrase "5 years".

Section 6. Amend §I199, Chapter 11, Title 12 of the Delaware Code by striking the phrase "June 30" as It appears In subsection (a) of said section and substitute in lieu thereof the phrase "March l".

Section 7. Sections 1, 2, 3, 4, and 5 of this Act shall be effective on the date of their enactment Into law and shall be effective with regard to property whose period of abandonment or dormancy at that time equals or exceeds the periods provided by this Act. Section 6 of this Act shall be effective for reporting and payment or delivery of assets deemed abandoned as of December 31, 1989.

Approved July 14, 1988.