Delaware VDA Program

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Under 12 Del. C. § 1173, the Delaware Secretary of State (SOS) is permitted to settle abandoned or unclaimed property voluntary disclosure agreements with Holders. Subject to the exceptions noted in 12  Del. C. § 1173(e), the SOS VDA Program is available to any Holder as defined by 12 Del. C. § 1130(9) that  has possession, custody or control of abandoned or unclaimed property on its books and records which  may be reportable to the State of Delaware.  

The following are not eligible to enroll in the SOS VDA Program: 

• Holders currently completing a VDA with the Department of Finance, although a Holder that enrolled  in the Department of Finance VDA program may transfer into the SOS VDA Program with the consent of the Secretary of State and the Secretary of Finance.  
• Holders that received an examination notice from the Department of Finance after July 22, 2015.  
• Holders that previously enrolled in but withdrew from the SOS VDA Program.  
• Holders that have been dismissed from the SOS VDA Program by the Secretary of State for failure to  work in good faith to complete the SOS VDA.  

The Delaware SOS routinely sends VDA invitation letters to companies. Companies that do not respond to the VDA invitation letter within 90 days will be referred to the Delaware State Escheater for audit.  Companies should also be aware that audits are typically conducted by a thrid-party audit firm with contracts with other states. Consequently, a multi-state unclaimed proeprty audit is likely.

The State of Delaware’s Abandoned or Unclaimed Property Law is found in Chapter 11, Title 12 of the  Delaware Code.