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Delaware Laws | Title 12 Decedents' Estates and Fiduciary Relations
CHAPTER 11. ESCHEATS
Subchapter III. Unclaimed Life Insurance Funds

Sec. 1193. Penalty for false oath. (1552)(Text)

The making of a wilful false oath in any report required under this subchapter shall be perjury and punishable as such according to law. (1553)

(12 Del. C. 1953, Sec. 1194; 50 Del. Laws, c. 568, Sec. 1.) (1554)

Sec. 1194. Effect of failure to report. (1555)(Text)

Nothing in this subchapter shall prevent the State Escheator from making claim to any fund, to which the State would otherwise be entitled, because it has not been reported in accordance with this subchapter. (1556)

(59 Del. Laws, c. 278, Sec. 4.) (1557)

(a) This subchapter shall apply to unclaimed funds, as defined in Sec. 1181 of this title, of any life insurance company doing business in this State where the last known address, according to the records of such company, of the person entitled to such funds is within this State; provided that, if a person other than the insured or annuitant be entitled to such funds and no address of such person be known to such company or if it be not definite and certain from the records of such company what person is entitled to such funds, then in either event it shall be presumed for the purposes of this subchapter that the last known address of the person entitled to such funds is the same as the last known address of the insured or annuitant according to the records of such company. (1558)

(b) This subchapter shall also apply to unclaimed funds, as defined in Sec. 1181 of this title, of any life insurance company doing business in this State where the last person entitled to any such fund is or was a Delaware corporation and such corporation abandoned, disclaimed or otherwise relinquished all right, title and interest to such funds. This subchapter shall also apply where such corporation terminated or cancelled any life or endowment insurance policy or annuity contract, or permitted any life or endowment insurance policy or annuity contract to be terminated or cancelled, and such funds resulting from any policy or contract to which the corporation would otherwise have been entitled accrued or became due and payable after such cancellation or termination. (1559)

(12 Del. C. 1953, Sec. 1180; 50 Del. Laws, c. 568, Sec. 1; 59 Del. Laws, c. 278, Sec.Sec. 1, 2.) (1560)

The term "unclaimed funds" as used in this subchapter means and includes all moneys held and owing by any life insurance company doing business in this State which shall have remained unclaimed and unpaid for 5 years or more after it is established from the records of such company that such moneys became due and payable under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the prior death of the insured shall be deemed to be matured and the proceeds thereof shall be deemed to be "due and payable" within the meaning of this subchapter if such policy is in force when the insured shall have attained the limiting age under the mortality table on which the reserve is based. Moneys otherwise admittedly due and payable shall be deemed to be "held and owing" within the meaning of this subchapter although the policy or contract shall not have been surrendered as required. (1561)

(12 Del. C. 1953, Sec. 1181; 50 Del. Laws, c. 568, Sec. 1; 66 Del. Laws, c. 379, Sec. 2.) (1562)

(a) Every such life insurance company shall on or before December 20 of each year make a report in writing to the State Escheator of all unclaimed funds, as defined in Sec. 1181 of this title, held and owing by it on December 31 next preceding; provided, however, such report shall not be required to include amounts of less than $5.00 which on February 29, 1956, shall have been unclaimed and unpaid for more than 10 years or amounts which have been paid to another state or jurisdiction prior to said date. (1563)

(b) Such report shall be signed and sworn to by an officer of such company and shall set forth: (1564)

(1) In alphabetical order the full name of the insured or annuitant, the last known address according to the company's records and the policy or contract number; (1565)

(2) The amount appearing from the company's records to be due on such policy or contract, except that amounts under $50 each may be reported in the aggregate; (1566)

(3) The date such unclaimed funds became payable; (1567)

(4) The name and last known address of each beneficiary or other person who, according to the company's records, may have an interest in such unclaimed funds; and (1568)

(5) Such other identifying information as the State Escheator may require. (1569)

(12 Del. C. 1953, Sec. 1182; 50 Del. Laws, c. 568, Sec. 1; 59 Del. Laws, c. 20, Sec. 1; 70 Del. Laws, c. 186, Sec. 1; 77 Del. Laws, c. 417, Sec. 8.) (1570)

(a) On or before the first day of September prior to the making of such reports under Sec. 1182 of this title, every such life insurance company shall cause to be published notices based on the information contained in such reports and entitled: (1571)

"NOTICE OF CERTAIN UNCLAIMED FUNDS HELD AND OWING BY LIFE INSURANCE COMPANIES." (1572)

(b) For all unclaimed funds payable to a person appearing to be entitled to such funds whose last known address is located in New Castle County, such notice shall be published at least twice in a daily newspaper published in that County. For all unclaimed funds payable where such last known address is located in Kent County or Sussex County, such notice shall be published at least once in a newspaper published at least weekly in the County in which unclaimed funds are payable. For all unclaimed funds payable to corporations as provided in Sec. 1180(b) of this title, notice shall be published in the county of the last known address of the corporation's registered agent in the manner provided in this section. (1573)

(c) Each such notice shall set forth in alphabetical order the names of the insureds or annuitants under policies or contracts where the last known address of the person appearing to be entitled to such funds is in the county of publication, together with: (1574)

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