SENATE SUBSTITUTE NO. 1 FOR
SENATE BILL NO. 25
AS AMENDED BY
SENATE AMENDMENT NO. 1
AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 1201, Title12 of the Delaware Code, by striking the phrase “Except as otherwise provided in subsection (b) of this section, 90 days after filing the report required by § 1199 of this title,” as the same appear in
subsection (a) thereof and inserting in lieu thereof the following:
“On or before the date required for the filing of the report pursuant to § 1199 of this title,”.
Section 2. Amend § 1201, Title12 of the Delaware Code, by striking subsection (b) in its entirety.
Section 3. Amend §1198(8) by adding to the end of said section the following:
“A full period of dormancy shall be deemed to have run with respect to any property that is otherwise reportable and payable to this State that a holder in accordance with the laws of the jurisdiction wherein the holder is located, is obligated or required to report and pay over such property to the other jurisdiction because of a shorter period of dormancy or reporting period.”
Section 4. Amend §1203, Title12 of the Delaware Code, by adding to said section a new subsection (e) to read as follows:
“(e) The State Escheator at the request of a holder and in his sole discretion, may allow a holder to pay over or deliver property otherwise properly payable to the State but against which a full period of dormancy has not yet run. In the event the State Escheator acquiesces to the request and accepts such property, the holder shall be entitled to the protections of this section and the property shall be treated generally as if it had been paid over after a full period of dormancy had run. The provisions of sections 1145 and 1206(c) of this title shall not apply to property accepted by the State Escheator under this subsection until a full period of dormancy has run against the property.”
Approved April 27, 2005