HB 133 Summary

• Amends Section 1203(a) of Title 12 of the Delaware Code by adding language stating "Unless otherwise addressed in §1203(b)" at the beginning of the section.

• Adds a new sentence at the end of Section 1203(a) clarifying that subsection (a) is mutually exclusive of subsection (b) and cannot be applied in conjunction with §1203(b).

• Clarifies that property explicitly named in §1203(b), such as certificated and uncertificated securities, is not subject to interpretation under §1203(a) regarding escheat.

• Eliminates confusion in current statutory construction that could allow certain property to be interpreted as subject to both §1203(a) and §1203(b) simultaneously.

• Addresses issues arising from the Delaware Supreme Court decision in A.W. Financial Services, S.A. v. Empire Resources, Inc. (981 A.2d 1114, 2009) regarding interpretation of escheatable property and timing of escheat.