Disclosure And Notice Of Intent To Expedite Completion Of The Unclaimed Property Examination Pursuant
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2DISCLOSURE AND NOTICE OF INTENT TO EXPEDITE COMPLETION OF THE
UNCLAIMED PROPERTY EXAMINATION PURSUANT TO 12 Del. C. § 1172(c)
COMES NOW ____________________________________________________________________, its
subsidiaries and related entities (Holder) acting by its duly authorized officer.
WHEREAS, on _____________, the Holder received a Notice of Examination from the State Escheator
commencing a review of the Holder’s books and records to determine the Holder’s compliance with the
Delaware Abandoned or Unclaimed Property Law, Chapter 11 of Title 12 of the Delaware Code
(hereinafter the “Examination”);
WHEREAS, the Examination has not been completed, and the Holder intends to expedite the completion
of the pending Examination;
WHEREAS, the State desires to induce the Holder’s compliance and expedited completion of the
Examination by waiving any potential interest and penalty for failure to comply with the Abandoned or
Unclaimed Property Law;
WHEREAS, pursuant to 12 Del. C. § 1172(c), Holder is eligible to expedite the completion of the
pending Examination, and must notify the State Escheator of the Holder’s intent to do so; and
WHEREAS, this form shall constitute the proper form for Holder to make the disclosure and notice of
intent to expedite the Examination pursuant to 12 Del. C. § 1172(c).
NOW THEREFORE, in consideration of the mutual promises hereinafter set forth, the parties agree as
follows:
The Holder and the State Escheator shall work in good faith to complete the expedited Examination. The
Holder shall respond within the time and in the manner established by the State Escheator in the attached
Schedule A to all requests for records, testimony, and information made by the person conducting the
Examination.
The Holder understands and agrees that the hold notice contained within the notice of examination issued
to Holder by the Department of Finance remains in effect, and Holder will ensure that all records
including, but not limited to bank statements, bank reconciliations, outstanding check lists, detailed
general ledgers, aged accounts receivable reports, and if applicable, information surrounding gift
certificate/card issuances and redemptions, etc. will be retained despite any record retention policies to the
contrary until the expedited Examination is completed and all remedies available to both the Holder and
State under the Delaware Abandoned or Unclaimed Property Law are exhausted or waived.
The State Escheator shall complete the Examination and provide an examination report within 2 years
from the date of receipt of the written notification. All requests for records, testimony, and information
made by the person conducting the Examination shall be made no later than 18 months after receipt of the
written notification. The State Escheator shall waive interest and penalty under 12 Del. C. §§ 1183 and
1184 for a completed expedited Examination.
The determination whether the Holder has responded within the time and in the manner established and a
determination to terminate the expedited Examination if the person has not responded within the time and
in the manner established shall be within the complete discretion of the State Escheator and subject only
to the review by the Secretary of Finance.
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