Chapter 11

§ 1101 Escheat of estates. If any person, being at the time of death seized or possessed of any real or personal estate within this State, dies intestate, without heirs or any known kindred who can inherit and hold the intestate’s estate, such estate is escheat to the State, subject to all legal demands on the same. Code 1852, §  1587; Code 1915, §  123; Code 1935, §  112; 42 Del. Laws, c. 57, §  1 ; 12 Del. C. 1953, §  1101; 49 Del. Laws, c. 51 ; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1102 Escheator of the State [For application of this section, see 83 Del. Laws, c. 59, § 25.]. There shall be an Escheator of the State, who shall be the Secretary of Finance or the Secretary’s delegate. The administration and enforcement of this chapter, including verification of completeness and accuracy of records relating to unclaimed property, are vested in the Secretary of Finance or the Secretary’s delegate. Code 1852, §  1588; Code 1915, §  124; Code 1935, §  113; 42 Del. Laws, c. 57, §  1 ; 12 Del. C. 1953, §  1102; 57 Del. Laws, c. 741, §  48A ; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; 81 Del. Laws, c. 1, § 1 ; 83 Del. Laws, c. 59, § 1 ; § 1103 Suit to determine escheat. (a) Filing suit. — The Escheator, upon personal knowledge or upon receipt of information of any person dying intestate and without heirs or any known kindred who can inherit and hold the intestate property within this State, of which at the time of death such person was seized or possessed, and which has not previously been escheated to the State by order of the Probate Court, shall cause to be filed a suit in the Court of Chancery of the State in the county wherein such property is located (or if located in more than 1 county in any such county) to inquire whether, as shall be alleged, the person has died without heirs or any known kindred who can inherit and hold the estate, and whether such person was, at the time of death, seized or possessed of any and what estate, real or personal, in the county or counties, and also in whose possession the same shall be. (b) Notice of Court action. — Upon filing suit in the Court of Chancery, the Escheator shall cause to be published at least once a week for 3 consecutive weeks in a newspaper of general circulation in the county or counties wherein such property is located, notice that the State has filed suit in the Court of Chancery to secure an order that the decedent’s property has escheated to the State due to failure of heirs or next of kin qualified to inherit such property. Said notice shall invite any person having a valid claim to the intestate property of the decedent to file written notice of such claim with the Court of Chancery within 30 days of the date of the third and final publication notice. The Escheator shall also cause similar notice to be posted at the site of any real property the decedent may have owned, and give similar notice by registered mail to all persons known to the Escheator to be in actual possession of the decedent’s property. Code 1852, §  1590; Code 1915, §  126; Code 1935, §  115; 42 Del. Laws, c. 57, §  1 ; 12 Del. C. 1953, §  1103; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1104 Final hearing and order. After the required notice has been given, a hearing shall be scheduled by the Court of Chancery at which all claimants may present evidence in support of their respective claims. If the Court finds that the conditions for escheat have been met, the Court shall issue an order that the decedent’s property escheated to the State as of the date of death. If the Court finds that the conditions for escheat have not been met, the State’s petition shall be dismissed and the decedent’s property shall be disposed of as otherwise provided by law. Code 1852, §  1591; Code 1915, §  127; Code 1935, §  116; 12 Del. C. 1953, §  1104; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1105 Presumption of death. If any person is absent from the State for 7 consecutive years, and no evident proof is made of the person’s life in any hearing held under the foregoing provisions of this subchapter, the person shall be accounted dead. Code 1852, §  1592; Code 1915, §  128; Code 1935, §  117; 12 Del. C. 1953, §  1105; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1106 Seizure of escheated personalty. If, after hearing as provided herein, the Court finds that goods and chattels have escheated to the State and that said goods and chattels are not in the possession of the Court or the Escheator, the Escheator shall issue a writ, directed to the sheriff of the county, commanding the sheriff to seize, attach and secure such escheated goods and chattels, in whose hands the same are found, or if it is found at the aforesaid hearing that the goods and chattels or any part thereof have been eloigned, then to seize and attach so much of the goods and chattels of the person who has eloigned the same as shall be equal in value to the goods and chattels which the person eloigned. Code 1852, §  1593; Code 1915, §  129; Code 1935, §  118; 12 Del. C. 1953, §  1106; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1107 Sale of seized property by sheriff. The sheriff shall sell the goods and chattels seized and attached in accordance with this subchapter at public auction, after notice as in the case of sale of goods and chattels under execution process and shall, without delay, pay over the proceeds, thence arising to the Escheator for deposit in the General Fund. The sheriff shall be accountable, as in other cases, to the Escheator for money which by virtue of this section, shall come into the sheriff’s hands. Code 1852, §  1594; Code 1915, §  130; Code 1935, §  119; 12 Del. C. 1953, §  1107; 57 Del. Laws, c. 741, §  48B ; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1108 Return of writ of seizure. (a) The writ prescribed in § 1106 of this title shall be duly returned to the Escheator, with an inventory and appraisement of the goods and chattels seized and attached by virtue thereof, and an account of the sale. (b) The Escheator shall immediately upon receiving the writ transmit a duly certified copy thereof, and of the return, inventory and appraisement and account of sale to the Secretary of Finance and the State Treasurer. Code 1852, §§  1595, 1596; Code 1915, §§  131, 132; Code 1935, §§  120, 121; 12 Del. C. 1953, §§  1108, 1109; 60 Del. Laws, c. 292, §  1 ; § 1109 Lease, retention or sale of real property. If, after hearing under this subchapter, the Court finds that real property has escheated to the State, the Escheator, subject to the approval of the Governor, may lease such property upon a reasonable rent therefor, or retain such property for the benefit and use of the State. If the real property is not leased or retained, the Escheator shall sell such property, at public auction, upon like public notice as required by law for the sale of lands under execution process. Code 1852, §  1597; Code 1915, §  133; Code 1935, §  122; 12 Del. C. 1953, §  1110; 60 Del. Laws, c. 292, §  1 ; § 1110 Conveyance of realty to purchaser after sale. Immediately after sale under § 1109 of this title, the Escheator shall certify the same to the Governor, who, on filing such certificate in the office of the Secretary of State, together with a receipt from the State Treasurer for the price of the lands, shall, by and under the great seal, grant the lands and tenements to the purchaser thereof, to hold to the purchaser, the purchaser’s heirs and assigns forever. Code 1852, §  1602; Code 1915, §  138; Code 1935, §  127; 12 Del. C. 1953, §  1115; 57 Del. Laws, c. 741, §  48B ; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1111 Nature of title of purchaser of realty. The title conveyed by virtue of a deed under § 1110 of this title shall be subject to any reversion, remainder, lease, rent, mortgage or encumbrance of the lands to which they were respectively subject prior to escheat as determined by the Court of Chancery at the hearing; in default of presentment at the hearing, such claims shall forever be barred. Code 1852, §  1603; Code 1915, §  139; Code 1935, §  128; 12 Del. C. 1953, §  1116; 60 Del. Laws, c. 292, §  1 ; § 1112 Proceeds of sale. The Escheator shall pay over the proceeds received from the sale or disposition of all escheated intestate property, real or personal, to the State Treasurer for deposit in the General Fund. 60 Del. Laws, c. 292, §  1 ; § 1113 Claims to proceeds of sale. Any person who did not participate in or receive actual notice of the hearing provided by § 1104 of this title shall have the right within 2 years of the date of sale of any property under this subchapter to file a claim by way of petition in the Court of Chancery, to all or any portion of the escheated property. If such claim is established and allowed by the Court, such person shall be entitled to receive from the State Treasurer, under a warrant for the same signed by the Secretary of Finance, all such proceeds as the State shall have received on the sale of such property or portion thereof, after all charges thereon are deducted, or all escheated property, real or personal, still held by the State, subject to paying all costs of the escheat. Code 1852, §§  1604, 1605; Code 1915, §§  140, 141; Code 1935, §§  129, 130; 12 Del. C. 1953, §  1117; 49 Del. Laws, c. 57, §  1 ; 57 Del. Laws, c. 741, §  48B ; 60 Del. Laws, c. 292, §  1 ; § 1114 Recovery of credits or property of the intestate not included in the Court’s initial escheat order. If any person, at the death of any intestate, shall be indebted to the intestate, or if any part of such estate, real or personal, was not mentioned and included in the Court’s initial escheat order, be in the possession of any person, the same shall be recovered to the use of the State by such action as the case may require, in which proceedings the initial escheat order touching the estate of such intestate shall be admissible evidence to prove that the intestate died without heirs or known kindred. Code 1852, §  1606; Code 1915, §  142; Code 1935, §  131; 12 Del. C. 1953, §  1118; 60 Del. Laws, c. 292, §  1 ; § 1115 Expenses of Escheator. The Escheator may, from time to time, draw a warrant upon the State Treasurer for sums necessary to pay the expenses of the enforcement of this subchapter, which warrants, when approved by the Secretary of Finance, shall be paid by the Treasurer out of the General Fund of the State. Code 1935, §  133; 42 Del. Laws, c. 57, §  1 ; 12 Del. C. 1953, §  1120; 57 Del. Laws, c. 741, §  48B ; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; § 1116 Conveyance of certain escheated real property previously owned by a religious body. The Secretary of State shall convey to a properly organized corporation of this State whatever title the State may have in any real property which was formerly held by or for a religious body and which has or may have escheated provided that: (1) The Secretary is satisfied that the grantee corporation is the proper successor to the body previously holding equitable or legal title to the property; (2) A certified copy of the recorded certificate of incorporation of the grantee corporation is provided; (3) Prior notice of any such proposed conveyance is given by registered mail to the record title holders where known; and (4) Notice of such proposed conveyance is published in a newspaper of general circulation in the county where the property is situated each week for 3 weeks prior to the execution of the conveyance. All expenses of such conveyance and notices shall be paid by the grantee corporation. Code 1852, §  1587; Code 1915, §  123; Code 1935, §  112; 42 Del. Laws, c. 57, §  1 ; 12 Del. C. 1953, §  1101; 49 Del. Laws, c. 51 ; 60 Del. Laws, c. 292, §  1 ; 70 Del. Laws, c. 186, §  1 ; Delaware General Assembly Judicial Executive Contact Twitter Help function submitSearch() { if (!window.location.origin) { window.location.origin = window.location.protocol + "//" + window.location.hostname + (window.location.port ? ':' + window.location.port : ''); } keyword = document.getElementById('srch-term').value; window.location.href = "/Search?query=" + keyword; } document.getElementById('srch-term').onkeyup = function (e) { if (e.keyCode == 13) { submitSearch(); } } § 1130 Definitions [For application of this section, see 84 Del. Laws, c. 368, § 17]. As used in this chapter: (1) “Audit Manager” means the Abandoned Property Audit Manager of the Delaware Department of Finance. (2) “Banking organization” includes any organization, corporation, or association organized and existing under Chapter 7, 15, or 17 of Title 5 or the corresponding provisions of statutes in effect prior to February 12, 1953, or any bank or credit union created under the laws of the United States or any state. (3) “Business association” means a for profit or nonprofit corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity. (4) “Domicile” means as follows: a. For a corporation, the state of its incorporation. b. For a business association, other than a corporation, whose formation or organization requires a filing with a state, the state of its filing. c. For a federally chartered entity, the state of its home office. (5) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. (6) “Financial organization” means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization, or credit union. (7) “Foreign country” or “foreign jurisdiction” means any foreign country or jurisdiction or subdivision of a foreign country or jurisdiction, which is not a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. (8) “Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform. The term: a. Includes game-play currency such as a virtual wallet, even if denominated in United States currency. and points, gems, tokens, gold, or digital codes for use or redemption only within the game or platform or another electronic game or electronic-game platform. b. Does not include an item that the issuer permits to be redeemed for use outside a game or platform for money or goods or services that have more than minimal value or otherwise monetizes for use outside of a game or platform. (9) “General Fund” means the General Fund described in § 6102 of Title 29. (10) “Gift card” means a record that may be used to obtain merchandise, goods, or services at a single retailer of goods or services or an affiliated group of retailers of goods or services. (11) “Holder” means any person having possession, custody, or control of the property of another person and includes a post office, a depository, a bailee, a trustee, a receiver or other liquidating officer, a fiduciary, a governmental department, institution or agency, a municipal corporation and the fiscal officers thereof, a public utility, service corporation, and every other legal entity incorporated or created under the laws of this State or doing business in this State. For purposes of this chapter, the issuer of any intangible ownership interest in a corporation, whether or not represented by a stock certificate, which is registered on stock transfer or other like books of the issuer or its agent, is a holder of such property. This definition shall be construed as distinguishing the term “holder” of property from the term “owner” of property, as “owner” is defined in this section, and as excluding from the term “holder” any person holding or possessing property by virtue of title or ownership. (12) “Insurance company” means an association, corporation, or fraternal or mutual-benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit-life, contract-performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage-protection, and worker-compensation insurance. (13) “Loyalty card” means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer. (14) “Mineral” means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this State other than this chapter. (15) “Mineral proceeds” means an amount payable for extraction, production, or sale of minerals, or, on the abandonment of the amount, the amount that becomes payable after abandonment. The term includes an amount payable as follows: a. For the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, and delay rental. b. For the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment. c. Under an agreement or option, including a joint operating agreement, unit agreement, pooling agreement, and farm out agreement. (16) “Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state. (17) “Nonfreely transferable security” means a security that cannot be delivered to the State Escheator by the Depository Trust Clearing Corporation or a similar custodian of securities providing post-trade clearing and settlement services to financial markets or cannot be delivered because there is no agent to effect transfer. The term includes a worthless security. (18) “Original source” has the meaning given to it in § 1206 of Title 6. (19) “Owner” means a person, or the person’s legal representative when acting on behalf of the person, that has a legal, beneficial, or equitable interest in property subject to this chapter. The term includes all of the following: a. A depositor, for a deposit. b. A beneficiary, for a trust other than a deposit in trust. c. A creditor, claimant, or payee, for other property. d. The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. To the extent a holder is not entitled to a return or refund of property under § 1144(e) of this title, the holder does not have standing as an owner of such property. (20) “Person” means an individual; estate; business association; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity. (21) “Property” means tangible property described in § 1134 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder’s business or by a government, governmental subdivision, agency, or instrumentality. The term: a. Includes all income from or increments to the property. b. Includes property referred to as or evidenced by any of the following: 1. Money, virtual currency, interest, dividend, a check, draft, or deposit. 2. A credit balance, customer’s overpayment, gift card, stored-value card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, pari-mutuel ticket, mineral proceeds, or unidentified remittance. 3. A security, bond, debenture, note, or other evidence of indebtedness. 4. Money deposited to redeem a security, make a distribution, or pay a dividend. 5. An amount due and payable under the terms of an annuity contract or insurance policy. 6. An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or similar benefits. c. Does not include any of the following: 1. “Uninvoiced payables,” as defined in this section. Nothing in this section shall be construed to create a business-to-business exemption of any kind regardless of whether a current business relationship exists between the holder and the owner. 2. “Nonescheat capital credits,” as defined in § 909 of Title 26. 3. Layaway accounts issued or maintained by any person in the business of selling tangible personal property at retail. 4. A loyalty card. 5. Game-related digital content. 6. Property where the apparent owner is a foreign government, the federal government, any other state government, or any local or municipal government not within this State. 7. Any payment or credit arising under the 2022 Delaware Relief Rebate Program, 83 Del. Laws, c. 290. (22) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. (23) “Security” means any of the following: a. A share, participation, debt obligation or similar interest issued by a corporation, business trust, joint stock company, or similar entity. b. A share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws. c. An interest in a unit investment trust that is so registered. d. A face-amount certificate issued by a face-amount certificate company that is so registered. e. An interest in a partnership or limited liability company that is dealt in or traded on securities exchanges or in securities markets. f. All financial assets maintained in an account, but not the physical securities held in a safe deposit box or other safekeeping repository. (24) “Sign” means to do 1 of the following with present intent to authenticate or adopt a record: a. Execute or adopt a tangible symbol. b. Attach to or logically associate with the record an electronic symbol, sound, or process. (25) “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. (26) “State Escheator” means the person responsible for the administration and enforcement of this chapter, as established by § 1102 of this title and § 363 of Title 30. (27) “Stored-value card” means a record that evidences a promise for consideration by the holder of the record that the owner of the record will be provided, solely or a combination of, merchandise, services, or cash in the value shown in the record, which is pre-funded and the value of which may be increased by the owner or holder or decreased by redemption. (28) “Uninvoiced payables” means amounts due “between merchants,” as defined in § 2-104 of Title 6, from a holder who is a buyer to a creditor who is the seller of goods ordered by a holder in the ordinary course of business when the goods were received and accepted by the holder, but which for any reason were never invoiced by the seller. “Uninvoiced payables” include the value of goods received by a holder from a seller from out of balance transactions where the holder’s purchase order for goods and the amount of goods received by the holder do not match. “Uninvoiced payables” include unsolicited goods received by a holder from a seller that fall within § 2505 of Title 6. “Uninvoiced payables” do not include accounts payable, accounts receivable, or any other type of credit or amount due to the creditor, including uncashed checks of any kind whatsoever whether relating to inventory, goods, or services, and all of these types of property are still reportable as unclaimed property. (29) “Utility” means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for any the following public services: a. Transmission of communications or information. b. Production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. c. Provision of sewage and septic services, or trash, garbage, or recycling disposal. (30) “Virtual currency” means a digital representation of value, including cryptocurrency, used as a medium of exchange, a unit of account, or a store of value that does not have legal tender status recognized by the United States. The term does not include: a. The software or protocols governing the transfer of the digital representation of value. b. Game-related digital content. c. A loyalty card. (31) “Whistleblower” means any individual who provides, or 2 or more individuals acting jointly who provide, information to the State regarding a holder’s noncompliance with the reporting requirements of § 1142 of this title, where such individual is, or individuals are, the original source of such information. (32) “Worthless security” means a security whose cost of liquidation and delivery would exceed the value of the security on the date a report is due under this chapter. 12 Del. C. 1953, §  1130; 50 Del. Laws, c. 507, §  1 ; 67 Del. Laws, c. 267, §  3 ; 70 Del. Laws, c. 298, §  1 ; 70 Del. Laws, c. 327, §  49 ; 81 Del. Laws, c. 1, § 2 ; 83 Del. Laws, c. 58, § 1 ; 83 Del. Laws, c. 346, § 1 ; 84 Del. Laws, c. 367, § 2 ; 84 Del. Laws, c. 368, §§ 1, 2 ; § 1131 Inapplicability to wholly foreign transaction. This chapter does not apply to property held, due, and owing in a foreign country if the transaction involving the property was a wholly foreign transaction. 81 Del. Laws, c. 1, § 2 ; § 1132 Rule-making. Except as provided in §§ 1167, 1173(a), and 1176(b) of this title, the State Escheator may make such rules and regulations as the State Escheator may deem necessary to administer and enforce this chapter. 12 Del. C. 1953, §  1154; 12 Del. C. 1953, §  1208; 50 Del. Laws, c. 507, §  1 ; 58 Del. Laws, c. 426, § 13 ; 70 Del. Laws, c. 186, §  1 ; 81 Del. Laws, c. 1, § 2 ; § 1133 When property presumed abandoned. Subject to § 1136 of this title, property is presumed abandoned if it is unclaimed by the owner at the time specified for the following property: (1) A traveler’s check, 15 years after issuance. (2) A money order, 5 years after issuance. (3) A bearer bond or an original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises. (4) Interest on debt of a business association, 5 years after the obligation to pay arises. (5) A demand, savings, or time deposit, including a deposit that is automatically renewable, 5 years after the earlier of maturity or the date of the last indication of interest in the property by the owner, except a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the owner consented in a record on file with the holder to a renewal at or about the time of the renewal. (6) Money or credits owed to a customer as a result of a retail business transaction, 5 years after the obligation arose. (7) a. An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, upon 1 of the following: 1. Five years after knowledge of death of the insured. 2. One year after the date the insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve is based in the case of a policy or annuity payable upon death where the obligation to pay did not arise under paragraph (7)a.1. of this section. b. For purposes of this paragraph (7) of this section: 1. “Death master file” means the United States Social Security Administration’s death master file or other database or service that is at least as comprehensive as that file for determining that a person has died. 2. “Knowledge of death” means either of the following: A. Receipt of an original or valid copy of a certified death certificate. B. A death master file match validated by the insurer based on a good faith effort within 90 days of notice of the death master file match. (8) Property distributable by a business association in the course of dissolution, 5 years after the property becomes distributable. (9) Property held by a court, including property received as proceeds of a class action, 5 years after the property becomes distributable. (10) Property held by a government or governmental subdivision, agency, or instrumentality, including state and municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 3 years after the property becomes distributable. (11) Wages, including commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, 5 years after the amount becomes payable. (12) A deposit or refund owed to a subscriber by a utility, 5 years after the deposit or refund becomes payable. (13) A security 3 years after the last indication of interest in the property. (14) A stored-value card or gift card, 5 years after the later of the date of purchase, the addition of funds to the stored-value card or gift card, a verification of the balance by the owner, or the last indication of interest in the property. For a stored-value card or gift card, the amount unclaimed is the amount representing the maximum cost to the issuer of the merchandise, goods, or services represented by the card. (15) Property in an individual retirement account that is qualified for tax deferral under the income tax laws of the United States: a. For an owner for which the holder has no knowledge of death, 3 years after the owner’s last indication of interest in the account following the date specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty. b. For an owner for which the holder has knowledge of death that has been confirmed by the holder in its ordinary course of business, 1 year following the date specified in the income tax laws of the United States by which distribution of the property following the death of the owner must begin in order to avoid a tax penalty, unless a beneficiary of the account has indicated an interest in the account within the most recent 12 month period. c. For purposes of this section, “knowledge of the death” is as described in § 1137 of this title. (16) Sums held for the payment of outstanding pari-mutuel tickets from the meet, 1 year following the last day of the meet. (17) All other property not specified in this section or § 1134 of this title, the earlier of 5 years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises. (18) Virtual currency, 5 years after the owner’s last indication of interest in the property. 81 Del. Laws, c. 1, § 2 ; 83 Del. Laws, c. 58, § 2 ; 83 Del. Laws, c. 59, § 2 ; § 1134 When contents of safe deposit box presumed abandoned. Proceeds from a sale of tangible property held in a safe deposit box by the holder permitted by law of this State other than this chapter are presumed abandoned if the property remains unclaimed by the owner 5 years after the earlier of 1 of the following: (1) The expiration of the lease or rental period for the box. (2) The earliest date when the lessor of the box is authorized by law of this State other than this chapter to enter the box and remove or dispose of the contents without consent or authorization of the lessee. 81 Del. Laws, c. 1, § 2 ; § 1135 When related property interest presumed abandoned. At the time an interest is presumed abandoned under this chapter, any other property right accrued or accruing to the owner as a result of the interest, and not previously presumed abandoned, is also presumed abandoned. 81 Del. Laws, c. 1, § 2 ; § 1136 Indication of owner interest in property. (a) Property is not presumed abandoned if the owner indicates an interest in the property during the applicable periods in this chapter. (b) An indication of an owner’s interest in property includes any of the following: (1) A record communicated by the owner to the holder or agent of the holder concerning the property or the account in which the property is held. (2) An oral communication by the owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or its agent contemporaneously makes and preserves a record of the fact of the owner’s communication. (3) Presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution. (4) Activity directed by an owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the owner to increase, decrease, or otherwise change the amount or type of property held in the account. (5) Subject to subsection (d) of this section, payment of a premium on an insurance policy. (c) A communication with an owner by a person other than the holder or the holder’s representative is not an indication of the owner’s interest in the property unless a record of the communication evidences the owner’s knowledge of a right to the property. (d) Application of an automatic-premium-loan provision or other nonforfeiture provision contained in an insurance policy is not an indication of the insured’s interest in the policy and does not prevent the policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds before depletion of the cash surrender value of the policy by application of the provision. (e) If the property is either held within accounts established for automatic electronic deposit of dividends (“ACH Accounts”) or within accounts established as part of a dividend reinvestment plan, including mutual fund accounts and brokerage accounts (collectively, “DRP Accounts”), the mailing of an IRS Form 1099 relating to the investment or account by the holder or its agent to the owner that is not returned to the holder or its agent by the United States Postal Service is an indication of the owner’s interest in the property. (f) For purposes of a security where the last-known address of the owner is in a foreign country, an executed Form W-8 BEN from the owner dated within 3 years of the end of any calendar year on file with the holder or its agent is an indication of the owner’s interest in the property. (g) If an owner has more than 1 investment or account with a holder, an indication of owner interest with respect to 1 investment or account with that holder is an indication of the owner’s interest in all accounts of the owner with respect to that holder. 81 Del. Laws, c. 1, § 2 ; § 1137 Knowledge of death. Knowledge of death regarding an owner’s interest in property may be identified through any source, including a declaration of death, death certificate, a comparison of the holder’s records against the Social Security death master file, or other equivalent resources. 81 Del. Laws, c. 1, § 2 ; § 1138 Retained asset account for insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft writing privileges for the beneficiary of the policy or contract and the proceeds are retained by the insurance company or its agent under a supplementary contract not involving annuity benefits other than death benefits, the policy or contract includes the assets in the account. 81 Del. Laws, c. 1, § 2 ; § 1139 Address of owner to establish priority. (a) The last-known address of an owner is a description, code, or other indication of the location of the owner on the holder’s books and records which identifies the state of the last-known address of the owner. (b) The address of the owner of a life or endowment insurance policy or annuity contract or its proceeds is presumed to be the address of the insured or annuitant if a person other than the insured or annuitant is entitled to the amount owed under the policy or contract and the address of the other person is not known by the insurance company and cannot be determined under § 1140 of this title. 12 Del. C. 1953, §  1162; 50 Del. Laws, c. 507, §  1 ; 58 Del. Laws, c. 451, §  1 ; 81 Del. Laws, c. 1, § 2 ; § 1140 Address of owner in this State. The State Escheator may take custody of property that is presumed abandoned, whether located in this State or another state, or in a foreign country if the last-known address of the owner, as shown on the records of the holder, is in this State. 81 Del. Laws, c. 1, § 2 ; § 1141 Holder domiciled in this State. (a) Except as otherwise provided in subsection (b) of this section or § 1140 of this title, the State Escheator may take custody of property presumed abandoned, whether located in this State, another state, or a foreign jurisdiction, if the holder is domiciled in this State or is the State or a governmental subdivision, agency, or instrumentality of this State, and any of the following circumstances are met: (1) Another state or foreign jurisdiction is not entitled to the property because there is no last-known address in the records of the holder of the owner or other person entitled to the property. (2) The state of the last-known address of the owner or other person entitled to the property does not provide for custodial taking of the property. (3) The last-known address of the owner is in a foreign jurisdiction, and that foreign jurisdiction does not provide for custodial taking of the property. (b) Property is not subject to custody of the State Escheator under subsection (a) of this section if the property is specifically exempt from custodial taking under the law of this State or the state or foreign jurisdiction of the last-known address of the owner. (c) If the holder’s domicile has changed since the time the property was presumed abandoned, the holder’s domicile in this section is deemed to be the state or foreign jurisdiction where the holder was domiciled at the time the property was presumed abandoned. 81 Del. Laws, c. 1, § 2 ; 84 Del. Laws, c. 368, § 3 ; § 1142 Report required by holder. (a) A holder of property presumed abandoned and subject to the custody of the State Escheator shall file an annual report to the State Escheator concerning the property. Beginning March 1, 2018, all reports under this section must be in a web-based record, and the State Escheator may not accept any other medium or method for submitting the report. (b) A holder may contract with a third party to make the report required under subsection (a) of this section. (c) If a holder contracts with a third party under subsection (b) of this section, the holder is responsible to the State Escheator for all of the following: (1) The complete, accurate, and timely reporting of property presumed abandoned. (2) Paying or delivering to the State Escheator property described in the report filed under this section. 81 Del. Laws, c. 1, § 2 ; § 1143 Content of report. (a) The report required under § 1142 of this title must do all of the following: (1) Be signed by or on behalf of the holder and verified as to its completeness and accuracy. (2) Describe the property. (3) Except for a traveler’s check or money order, contain the following information about the owner of the property: the name, if known; the last-known address, if known; and the Social Security number or taxpayer identification number, if known or readily ascertainable. (4) For an amount held or owing under a life or endowment insurance policy or annuity contract, contain the full name and last-known address of the insured, annuitant, or other owner of the policy or contract and of the beneficiary. (5) Contain the commencement date for determining abandonment under § 1133 of this title. (6) State that the holder has complied with the notice requirements of § 1148 of this title. (7) Identify property that is a nonfreely transferable security, and explain why it is a nonfreely transferable security. (8) Identify a designated individual employed by the holder who will serve as the contact for all correspondence with the State related to the reporting and remittance of unclaimed property under this chapter and contain the designated individual’s mailing address, telephone number, email address, and title. The holder must notify the State of any change of the designated individual or any information provided about the designated individual. (9) Contain other information which the State Escheator may prescribe. (b) A report under § 1142 of this title may include personal information about the owner or the owner’s property to the extent such information is not otherwise prohibited by federal law. Any personal information, and disclosure of such information, must be treated in accordance with § 1189 of this title. (c) If a holder has changed the holder’s name while holding property presumed abandoned or is a successor to another holder that previously held the property for the owner, the holder shall include in the report under § 1142 of this title the holder’s former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property. (d) No reporting shall be required solely by virtue of holding property constituting consideration paid for unredeemed gift cards which, in the aggregate, for the reporting period have a face value of less than $5,000, or for gift cards having an original issue amount of $5.00 or under issued by a holder whose business is described in § 2906 of Title 30, whether or not such firm conducts business in this State. 81 Del. Laws, c. 1, § 2 ; 83 Del. Laws, c. 59, § 3 ; § 1144 When report to be filed [For application of this section, see 84 Del. Laws, c. 368, § 17]. (a) Subject to subsection (d) of this section, the report under § 1142 of this title pertaining to property designated under § 1133 of this title must be filed by all holders and business associations other than banking organizations and insurance companies on or before March 1 of each year to cover the 12 months preceding January 1 of that year. (b) Subject to subsection (d) of this section, the report under § 1142 of this section pertaining to property designated under § 1133 of this title must be filed by banking organizations on or before November 10 of each year to cover the 12 months preceding July 1 of that year. (c) Subject to subsection (d) of this section, the report under § 1142 of this title pertaining to property designated under § 1133 of this title must be filed by insurance companies on or before December 20 of each year to cover the 12 months preceding January 1 of that year. (d) Before the date for filing the report under § 1142 of this title, the holder of property presumed abandoned may request an extension of the date of filing from the State Escheator. The State Escheator may grant an extension for good cause. If the State Escheator grants an extension, the holder may pay or make a partial payment of the amount the holder estimates ultimately will be due. The payment or partial payment terminates accrual of interest on the amount paid. (e) A holder may file an amended report for any report previously filed under this chapter. The holder is not entitled to a return of or refund for property paid or delivered in connection with an initial report that is changed by an amended report for any of the following: (1) If any claim has been paid under § 1166 of this title for any property paid or delivered in connection with a report. (2) If the amended report would amend a report previously filed in conjunction with an examination under § 1172 of this title or voluntary disclosure under § 1173 of this title. (3) On the basis of a change or error in the application of the cost of goods sold to the reported property, unless the amended report is filed no later than 3 years after the earlier of the date the initial report was filed or the date on which the property was paid or delivered in connection with a report. 81 Del. Laws, c. 1, § 2 ; 84 Del. Laws, c. 368, § 4 ; § 1145 Retention of records by holder [For application of this section, see 83 Del. Laws, c. 346, § 12]. (a) A holder required to file a report under § 1142 of this title shall retain records for 10 years after the date the report was filed, unless a shorter period is provided by the State Escheator by rule or regulation. (b) A holder who has received a notice of an examination under this chapter or has submitted a written election to enter into an unclaimed property voluntary disclosure agreement under § 1173 of this title shall retain, until the conclusion of the examination, voluntary disclosure agreement review process, or any related appeal or litigation, records to the present day for 10 years plus the applicable dormancy period under § 1133 of this title before the earliest of the following: (1) The State Escheator’s delivery of a notice of an examination to a holder under this chapter. (2) The Secretary of State’s delivery of notice that the person may enter into an unclaimed property voluntary disclosure agreement under § 1172(a) of this title. (3) The holder’s written election to enter into an unclaimed property voluntary disclosure agreement under § 1173 of this title. (c) A holder may satisfy the requirement to retain records under this section through an agent. (d) The records retained must contain all of the following: (1) The verifiable information required to be included in the report. (2) The date, place, and nature of the circumstances that gave rise to the property right. (3) The amount or value of the property. (4) The last address of the owner, if known to the holder. (5) If the holder sells, issues, or provides to others for sale or issue in this State traveler’s checks or money orders, a record of the instruments while they remain outstanding indicating the state and date of issue. (6) Sufficient records of items that were not reported as unclaimed, to allow review to determine whether the holder has complied with this chapter. 81 Del. Laws, c. 1, § 2 ; 83 Del. Laws, c. 346, § 2 ; § 1146 When property reportable and payable or deliverable. Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment. 81 Del. Laws, c. 1, § 2 ; § 1147 Limitation on assignment or transfer of liability. (a) A holder may not assign or otherwise transfer its obligation to hold for or pay or deliver property or to comply with the duties of this chapter, other than to a parent, subsidiary, or affiliate of the holder. (b) Unless otherwise agreed to by the parties to a transaction, the holder’s successor by merger or consolidation, or any person or entity that acquires all or substantially all of the holder’s capital stock or assets, shall be responsible for fulfilling the holder’s obligation to hold for or pay or deliver property or to comply with the duties of this chapter regarding the transfer to it of property owed to and being held for an owner resulting from the merger, consolidation, or acquisition. (c) Nothing in this section prohibits a holder from contracting with a third party for the reporting of unclaimed property. But, a holder shall remain responsible to the State Escheator for the complete, accurate, and timely reporting of the property. 81 Del. Laws, c. 1, § 2 ; § 1148 Notice to owner by holder [For application of this section, see 83 Del. Laws, c. 59, § 25]. The holder of property presumed abandoned shall send to the owner notice that complies with § 1149 of this title in a format acceptable to the State Escheator, by first-class United States mail, not more than 120 days nor less than 60 days before filing the report under § 1142 of this title, or at any time as directed under § 1171(5) of this title, if both of the following apply: (1) The holder has in its records an address for the owner sufficient to direct the delivery of first-class United States mail to the owner, which the holder’s records do not disclose to be invalid. (2) The value of the property is $50 or more, unless the property is a security, in which case the holder must send notice to the owner regardless of the value of the property. 81 Del. Laws, c. 1, § 2 ; 81 Del. Laws, c. 48, § 1 ; 83 Del. Laws, c. 59, § 4 ; § 1149 Contents of notice by holder. (a) The notice under § 1148 of this title must contain a heading that reads as follows: “Notice. The State of Delaware requires us to notify you that your property will be transferred to the custody of the State Escheator if you do not contact us before [insert date that is 30 days after the date of this notice.]” (b) The notice under § 1148 of this title must do all of the following: (1) State that the property will be turned over to the State Escheator. (2) State that after the property is turned over to the State Escheator an owner that seeks return of the property may file a claim. (3) Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice. (4) State that property that is not legal tender of the United States may be sold by the State Escheator. (5) Provide instructions that the owner must follow to prevent the holder from reporting and paying or delivering the property to the State Escheator. 81 Del. Laws, c. 1, § 2 ; § 1150 Notice to owner by State Escheator [For application of this section, see 83 Del. Laws, c. 346, § 12; 84 Del. Laws, c. 368, § 16]. (a) Beginning with property reported to the State Escheator on or after February 2, 2017, and subject to subsection (b) of this section, as soon as the State Escheator deems practicable after delivery, the State Escheator shall send written notice to an owner 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. If, on reasonable inspection, the State Escheator determines that the notice may not be received by the owner, the State Escheator may take reasonable steps to correct, update, or validate the last-known address of the owner as contained in the records of the holder as provided to the State Escheator to make it more likely that the notice may be received by the owner. (c) (1) The State Escheator and the State of Delaware are not liable to an owner based upon the liquidation of a security or other property that is not money if 1 of the following applies: a. Notice has been sent as provided by this section. b. The State Escheator has not acted unreasonably in determining that mailed notice would not be received by the owner. c. On reasonable inspection, the State Escheator does or does not take reasonable steps to correct, update, or validate the last-known address of the owner as contained in the records of the holder as provided to the State Escheator to make it more likely that the notice may be received by the owner. (2) 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 address identifiers 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 address identifiers 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 address identifiers 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 address identifiers 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 identifier 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 ; 83 Del. Laws, c. 59, § 5 ; 83 Del. Laws, c. 346, § 3 ; 84 Del. Laws, c. 368, § 5 ; § 1151 Cooperation among agencies to determine owner. Unless prohibited by law of this State other than this chapter, on request of the State Escheator, each officer, agency, board, commission, division, and department of this State; any body politic and corporate created by this State for a public purpose; and each political subdivision of this State may make its books and records available to the State Escheator and cooperate with the State Escheator to determine the current address of an owner of property held by the State Escheator under this chapter. 81 Del. Laws, c. 1, § 2 ; § 1152 Payment or delivery of property to State Escheator. (a) Except as otherwise provided in this section, on filing a report under § 1142 of this title, the holder shall contemporaneously pay or deliver to the State Escheator the property described in the report. (b) If property in a report under § 1142 of this title is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the State Escheator at the time of the report, the date for payment of the property to the State Escheator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the State Escheator of the extended date. (c) If property reported to the State Escheator under § 1142 of this title is a security, the State Escheator may do either of the following: (1) Make an endorsement, instruction, or entitlement order on behalf of the owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security. (2) Dispose of the security under § 1159 of this title. (d) The State Escheator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the State Escheator by a holder. (e) A holder is not required to deliver to the State Escheator a security identified by the holder as a nonfreely transferable security. Upon determination by the State Escheator or the holder that a security is no longer a nonfreely transferable security, the holder shall remit the security on the next regular date prescribed for delivery of securities under this chapter. The holder shall annually determine whether a security identified in a report filed under § 1142 of this title as a nonfreely transferable security is no longer a nonfreely transferable security. (f) If property reported to the State Escheator under § 1142 of this title is virtual currency, the holder shall liquidate the virtual currency within 90 days prior to the filing of the report and remit the proceeds to the administrator. The owner shall not have reco