Title 12, Decedents’ Estates and Fiduciary Relations

§ 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, …

§ 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 …

§ 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…

§ 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 imme…

§ 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 su…

§ 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…

§ 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…

§ 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 t…

§ 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 Cou…

§ 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…

§ 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 b…

§ 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,…

§ 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 De…

§ 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. …

§ 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 af…

§ 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…

§ 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 rec…

§ 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 equival…

§ 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 p…

§ 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 …

§ 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 S…

§ 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…

§ 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-ba…

§ 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, c…

§ 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 bu…

§ 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 b…

§ 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) Unl…

§ 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 Unite…

§ 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 contac…

§ 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 so…

§ 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 thi…

§ 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 prope…

§ 1152A. Property held in trust. A holder who holds property presumed abandoned under this chapter holds the property in trust for the benefit of the State Escheator on behalf of the owner from and after the date such property is presumed abandoned under this chapter. A holder sh…

§ 1153. Effect of payment or delivery of property to State Escheator. (a) Unless otherwise addressed in subsection (b) or (c) of this section, the holder’s payment or delivery of property to the State Escheator terminates any legal relationship between the holder and the owner on…

§ 1154. Interest not to run after report of property and limitation on claims. (a) Notwithstanding any other provision of law, no person entitled to or owner of property shall be entitled to receive interest on account of such property from and after the date a report of such pro…

§ 1155. State Escheator’s options as to custody. (a) The State Escheator may decline to take custody of property reported under § 1142 of this title if the State Escheator determines 1 of the following: (1) The property has a value less than the estimated expenses of notice and s…

§ § 1156. Periods of limitation. (a) Expiration, before, on, or after February 2, 2017, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandone…

§ 1157. No private escheat. Any provision in a certificate of incorporation, bylaw, trust agreement, contract, or any other writing regulating the relationships between an owner and a holder, which relates to property that is or may be subject to the provisions of this chapter, w…

§ 1158. Public sale of property. (a) All property, other than money, delivered to the State Escheator under this chapter shall be sold or disposed of in accordance with this section. (b) All property, other than money, delivered to the State Escheator under this chapter may be so…

§ 1159. Disposal of securities [For application of this section, see 83 Del. Laws, c. 346, § 12]. If a security is delivered to the State Escheator under this chapter on or after July 1, 2017, the State Escheator shall, subject to § 1150 of this title, sell the security on any es…

§ 1160. Recovery of securities or value by owner [For application of this section, see 83 Del. Laws, c. 59, § 25; 83 Del. Laws, c. 346, § 12; and 84 Del. Laws, c. 368, § 16]. (a) Beginning on July 1, 2017, a person that makes a valid claim under this chapter of ownership of a sec…

§ 1161. Purchaser owns property after sale. All sales of property made by the State Escheator under this chapter pass absolute title to the purchaser. The State Escheator or the Secretary of State shall execute all documents necessary to complete the transfer of title.81 Del. Law…

§ 1162. Military medals. (a) A financial institution may not sell a medal or decoration awarded for military service in the armed forces of the United States. (b) A financial institution, with the consent of the respective organization under paragraph (b)(1) of this section, agen…