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News & Press: General Unclaimed Property News

DELAWARE SECURITIES REPORTING EMAIL

Wednesday, February 03, 2010  
Posted by: Toni Nuernberg
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On Friday, January 22, 2010, Rebecca Goldsmith of the Delaware Bureau of Unclaimed Property sent the email which follows to Cynthia Jones, Executive Director of the Securities Transfer Association (STA). With Ms. Jones' permission, the email and has been reprinted below. The state of Delaware has updated their holder reporting instructions and would like to reach out to holders to notify them of a few changes regarding securities delivery:

(1) Delaware is requesting that all securities be remitted electronically through DTC (when practical).

(2) It is recommended that fractional shares be sold prior to escheatment and reported as cash in lieu.

(3) Upon share re-registration, the state is requesting that all dividend reinvestment elections terminate/be updated so that all future dividends will be paid as cash distributions instead of cash reinvestments.

We are also introducing a new e-mail address (escheat.holderquestions@state.de.us ) that holders may use to contact the State.

For your convenience I have included a link to our holder reporting instructions below.

http://revenue.delaware.gov/information/handbook2.pdf

I appreciate your help with this outreach. If you have any questions or need additional information, please do not hesitate to contact me directly. I look forward to working with you both.

Regards,

Rebecca Goldsmith
Deputy Principal Assistant
Secretary of Finance Office
Delaware Department of Finance
Phone: (302) 577-8692
Fax: (302) 577-8982

 
The analysis and opinions expressed herein are those of the authors and do not necessarily represent the views of the Unclaimed Property Professionals Organization or its officers, directors or members. This summary document provides background information and is not intended as a substitute for legal advice.

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