2020 Delaware Code
Title 12 - Decedents' Estates and Fiduciary Relations
Chapter 11. Escheats
Subchapter II. Unclaimed Property
§ 1150 Notice to owner by State Escheator.
(a) Subject to subsection (b) of this section, the State Escheator shall send written notice to an owner prior to liquidation that a security or other property that is not money presumed abandoned and appears to be owned by the owner is held by the State Escheator under this chapter.
(b) In providing notice under subsection (a) of this section, the State Escheator shall send written notice to each owner of a security or other property that is not money held by the State Escheator to the last-known address of the owner contained in the records of the holder as provided to the State Escheator, unless the State Escheator determines that the notice would not be received by the owner or the State Escheator determines that the total value of the security or other property that is not money does not exceed $50.
(c) The State Escheator and the State of Delaware shall not be liable to an owner based upon the liquidation of a security or other property that is not money if notice has been sent as provided by this section and if the State Escheator has not acted unreasonably in determining that mailed notice would not be received by the owner. Except with respect to the provisions of § 1160(a)(2) of this title, the State Escheator and the State of Delaware are not liable to the owner of a security or other property that is not money for an amount that exceeds that which was actually received upon the liquidation of the security.
(d) In June and December of each year, the State Escheator shall publish in a daily newspaper of this State a notice that unclaimed property paid to the State Escheator is available to be claimed by the owners of the unclaimed property.
(e) The notice required by subsection (d) of this section shall be in such form and classified in such manner as the State Escheator shall determine, except that the notice shall do all of the following:
(1) Occupy at least ½ page in a daily newspaper of this State.
(2) Provide the Uniform Resource Locator address of an internet-based searchable database that includes the names of all persons appearing to be entitled to any unclaimed property.
(3) Provide a toll-free customer service telephone number.
(4) Contain a statement that a claim for any unclaimed property must be filed with the State Escheator.
(f) Subject to the limitations of § 1189 of this title, the internet-based searchable database required by paragraph (e)(2) of this section must set forth all of the following:
(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 unclaimed property that consists of money in an amount not less than $10.
(2) The names and last-known addresses of all persons appearing from the records in the State Escheator's office to be entitled to receive unclaimed property that consists of personal property other than money and that the State Escheator has not determined under § 1155(a)(1) of this title to be valueless or of such little value that a sale of the property would cost in excess of the probable proceeds from the property.
(3) If any unclaimed property consisted of personal property other than money and was converted into money under § 1158 of this title and such money amounted to $10 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 money.
(4) Other information as the State Escheator may prescribe.
(g) The State Escheator shall regularly update the internet-based searchable database, and shall include in the database, at a minimum, all data received by the State 6 months immediately preceding the publication dates specified in subsection (d) of this section.
(h) The State Escheator may not include in the internet-based searchable database the names and last-known addresses of persons whose claims for unclaimed property have been satisfied previously.
(i) Notwithstanding the foregoing provisions of this section, the State Escheator may omit from such internet-based searchable database the name and last-known address of any person if special circumstances make it desirable that such information be withheld.
(j) The State Escheator and the State of Delaware are not liable to an owner, absent gross negligence or intentional misconduct, for the failure to publish a notice of unclaimed property under subsection (d) of this section or the failure to include the name, address, and other information regarding a person entitled to receive property under subsection (f) of this section.
81 Del. Laws, c. 1, § 2;
