During the SOS VDA Process, it may be determined that a Holder has unreported securities which need to be reported pursuant to the SOS VDA. The securities should be reported directly to the Department of Finance in the same manner as a holder would report securities during annual reporting.
The Department of State does not have access to the information provided to the Department of Finance. Consequently, the Holder should alert the Department of State that the transfer of securities has been processed and completed. Further, the Holder should provide an updated spreadsheet detailing the items being transferred as there may have been changes from the date the SOS VDA has been settled to the date of the transfer. This information should be sent to sos.vda@delaware.gov.
The following has been excerpt from the Escheat Handbook Instructions for preparing Delaware Unclaimed Property Reports dated February 2018 for instructions regarding securities.
Note, documentation demonstrating that securities have been transferred into the ownership of the state is required to satisfy an escheat liability. Further,
Legal Disclaimer: The materials contained herein are intended to provide information in regard to the subject matter covered. The Delaware Department of State is not engaged in rendering legal, accounting, or other professional services. If legal advice or other professional assistance is required, the services of a qualified professional should be sought.
Related Topics: Secretary of State, Securities Registration and Remittance Instructions, VDA, Voluntary Disclosure Agreement