Monday, May 21, 2007

Delaware Stays on the cutting edge of corporate law, with State Constitutional Amendment

In a continuing effort to improve and develop Delaware's corporate governance laws, Delaware has implemented a Constitutional Amendment to speed up SEC inquiries. Delaware Online Reports.

Now, the SEC can certify questions of law directly to the Delaware Supreme Court. Here is some of the amended text (relative to the jurisdiction of the Delaware Supreme Court):

(8) To hear and determine questions of law certified to it by other Delaware courts, the Supreme Court of the United States, a Court of Appeals of the United States, a United States District Court, the United States Securities and Exchange Commission, or the highest appellate court of any other state, where it appears to the Supreme Court that there are important and urgent reasons for an immediate determination of such questions by it. The Supreme Court may, by rules, define generally the conditions under which questions may be certified to it and prescribe methods of certification.

Wednesday, May 09, 2007

The State is Giving Back $5,000,000.00!

It doesn't happen often, but sometimes the government does give back the extra money that was taken from people. Superior Court is now supervising the return of 5 Million Dollars in excess forclosure sale proceeds which have accumulated over the last 5 years. And this was from people who could scarely afford it in the first place!

The project is called.... Rightful Owner. The Court has set up a site to help us track this process, and gather information. Go ahead and check for your name on the list, if you were involved in a mortgage forclosure.

I remember when I supervised a project in Family Court to track down missing restitution payees. It was great fun, and it was very appreciated by the folks who were due the funds. I suspect that the folks involved in this Superior Court process will feel the same. After they jump through the procedural hoops though.

For cases where there is more than $1,000 involved, the filing fee is $75 and a title search (about $100 cost) is among the prerequisites to filing a claim. There is no filing fee for the cases of less than $1000.