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ARTICLE · 21 JUNE 2017

Substitute Alert ‒ Delaware Technical Corrections Bill

McDermott Will & Emery
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Last Friday, the Delaware Senate released a substituted version of the bill (Senate Bill 79) introduced last month as a technical corrections bill to Senate Bill 13—the unclaimed property rewrite legislation enacted earlier this year.

United StatesTax
Stephen Kranz
Stephen Kranz
Diann Smith
Diann Smith
Eric Carstens
Eric Carstens
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Last Friday, the Delaware Senate released a substituted version of the bill (Senate Bill 79) introduced last month as a technical corrections bill to Senate Bill 13—the unclaimed property rewrite legislation enacted earlier this year.

The Senate substitute differs from the introduced version of Senate Bill 79 as follows:

  1. It does not strike § 1147(a)—the provision that limits the ability of a holder to assign or otherwise transfer its obligation to pay or deliver property or to comply with the unclaimed property law to others (aside from a parent, subsidiary or affiliate of the holder).
  2. It would delay the timeline that Delaware must promulgate regulations to December 1, 2017.

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