(a) If the Administrator sells a security before the expiration of 60 days after delivery of the security to the Administrator, an apparent owner that files a valid claim under this chapter of ownership of the security before the 60-day period expires is entitled, at the option of the Administrator, to receive:
(1) Replacement of the security; or
(2) The market value of the security at the time the claim is filed, plus dividends, interest, and other increments on the security up to the time the claim is paid.
(b) Replacement of the security or calculation of market value under subsection (a) of this section shall take into account a stock split, reverse stock split, stock dividend, or similar corporate action.
(c) A person that makes a valid claim under this chapter of ownership of a security after expiration of 60 days after delivery of the security to the Administrator is entitled to receive:
(1) The security the holder delivered to the Administrator, if it is in the custody of the Administrator, plus dividends, interest, and other increments on the security up to the time the Administrator delivers the security to the person; or
(2) The net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold.
(Nov. 13, 2021, D.C. Law 24-45, § 7045, 68 DCR 010163.)
Structure District of Columbia Code