DE HB133

Amend Section 1203(a) of Title 12 of the Delaware Code by adding "Unless otherwise addressed in §1203(b)," at the beginning of the section to clarify that subsection (a) does not apply when subsection (b) applies.

Add a new sentence at the end of Section 1203(a) stating that subsection (a) is mutually exclusive of subsection (b) and shall not be applied in conjunction with §1203(b).

Clarify that property explicitly named in and governed by §1203(b), such as certificated and uncertificated securities, is not subject to interpretation under §1203(a).

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

Eliminate the possibility that §1203(a) and §1203(b) could be applied simultaneously to the same property by establishing that the two subsections are mutually exclusive.