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Abandoned or Unclaimed Property
VDA Program



Securities Registration and Remittance Instructions


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@state.de.us.

 

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,

  • All DTC eligible shares must be deposited through DTC or DWAC (if not a DTC participant).
  • Fractional shares must be sold prior to escheatment and reported as cash in lieu of.
  • The DTC Transfer and Physical Delivery instructions are listed below.

DTC # 901

Agent Bank # 26500

Reference: Dover & Co

Acct # 822436

Holders are required to notify the State of all securities being delivered two days prior to actual delivery. The notification must include a list of the securities, their CUSIP numbers, the number of shares, issue names, and the delivering party’s DTC participant number. This information should be faxed to:

  1. Conduent at (617) 532 -8762, Attn: Custody Department AND
  2. Delaware State Escheator at (302) 622-4114, Attn: Securities Unit, or E-mail escheat.holderquestions@state.de.us

All dividend reinvestment elections should terminate after registration. All income dividends and capital gains should be paid in cash (do not elect a reinvestment option).

Federal Reserve Bank of New York

ABA# 0210-0001-8

BK of NYC/CUST

FBO – State of Delaware; Account # 822436

When attempting to deliver foreign securities, please contact Conduent at (617) 722-9655 to obtain delivery instructions and account information.

DTC # 901

Agent Bank # 26500

Reference: Dover & Co.

Acct # 822436

Close DRP accounts and forward whole shares only via DTC. Fractional shares must be sold and proceeds applied to each individual property when filing. Do not total fractions for all owners and liquidate. Please include the proceed remittance check with your final payment.

To remit physical stock certificates, the stock must be reregistered in the following name:

Dover & Co.
EIN: 43-2016158
820 North French Street
Wilmington, DE 19801

Please include all physical stock certificates with your submission of your payment.

Accounts held for the State must be registered in the name of Mac & Co. Conduent will provide account numbers for all mutual funds transferred to the state’s account. Contact Conduent at UPCH.Custody@conduent.com providing a list including CUSIP number, name of the fund, and share amount to obtain account numbers. Please contact Conduent no less than 3-4 business days prior to attempting delivery.

Please ensure that interested party statements are sent to:

Conduent State & Local Solutions, Inc.
Custody Department
100 Hancock Street
10th Floor
Quincy, MA 02169

 

Delaware Department of Finance
Office of Unclaimed Property
820 North French St
8th Floor
Wilmington, DE 19801

 

These statements should be sent no later than two days prior to actual delivery and should include a list of the mutual funds, their CUSIP numbers, the number of shares and issue names. This information should be faxed to:

  1. Conduent at (617) 532 -8762, Attn: Custody Department AND
  2. Delaware State Escheator at (302) 622-4114, Attn: Securities Unit, or E-mail escheat.holderquestions@state.de.us

 

All dividend reinvestment elections should terminate after registration. All income dividends and capital gains should be paid in cash (do not elect a reinvestment option).

Delaware will no longer accept worthless securities. Do not report or remit worthless securities. At such time that the security gains value, it should be reported and remitted during the next reporting cycle.

If shares or mutual funds are non-transferable but can be liquidated, the position should be liquidated and the liquidation proceeds should be listed on the electronic report and remitted in lieu of the shares.

If securities are non-transferable, unable to be liquidated, and yet have value, they should be moved to an account on the books of the broker/agent registered to: Delaware Office of Unclaimed Property, Dover & Co; EIN 43-2016158. The same account should be used year after year; do not open multiple accounts in the State’s name.

Until a statement is received to validate non-transferable positions, the report cannot be reconciled, which may result in the delay of claims payments to all owners listed on the report.

 

 


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.


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