CHAPTER 267

FORMERLY

HOUSE BILL NO. 751

AS AMENDED BY HOUSE AMENDMENT NO. 1

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 §1209, Chapter 11, Title 12 of the Delaware Code by striking said section in its entirety.

Section 2. Amend Chapter 11, Title 12 of the Delaware Code by adding a new §1155 to read as follows:

"51155. Examination of Records. The State Escheator may at reasonable times and upon reasonable notice examine the records of any person or business association or organization to determine whether the person has complied with any provision of this Chapter and may by summons require the attendance of any person having knowledge in the premises, and may take testimony and require proof material for the investigation, with the power to administer oaths to such person or persons; provided, however, that the State Bank Commissioner shall act on behalf of the State Escheator with regard to examinations of banking organizations. The State Escheator is authorized to reimburse the State Bank Commissioner for the cost of examinations undertaken on his behalf and may pay for such reimbursement out of custodian accounts held for the State Escheator. The State Escheator may disclose such information as he has in his possession to the State Bank Commissioner as may aid in his examination of any banking organization and may disclose any information received from the State Bank Commissioner as may be required: (a) in conjunction with enforcement proceedings; or (b) in summary form to the extent necessary for the proper disposition of the property."

Section 3. Amend §1130, Chapter 11, Title 12 of the Delaware Code by striking the period "." at the end of said section and insert in lieu thereof the following: or any bank created under the laws of the United States or any state."

Section 4. If any provision, clause or phrase of this Act, or the application thereof to any person or circumstance is adjudged invalid by any court of competent jurisdiction, such judgment shall not invalidate the remainder of this Act or affect the application of the Act or any portion thereof to other persons or circumstances.

Section 5. This Act shall be effective for property deemed abandoned as of the date of its enactment into law and thereafter, notwithstanding the fact that Chapter 11, Title 12 of the Delaware Code may not have applied to such property or holder prior to the enactment of this Act into law, and notwithstanding the fact that a banking organization may have been holding such property prior to the enactment of this Act.

Approved July 2, 1990.