Bond Redemption Policy

  • Requests to redeem bonds must be in writing and must be signed by the person or persons whose name(s) are on the bond.  Redemption requests must be received each year by April 1st.  Redemption requests received or postmarked after April 15th will be assessed $335.00 plus all applicable fees.  
  • Briefly state the reason for requesting the redemption.
  • The redemption check will be made payable to the person or persons whose names are on the bond.   Any exceptions must include documentation to support the payee exception.  Example:  A divorced couple’s names are on the bond, and the wife requests redemption of the bond and payment be made to her.  The redemption request letter must be signed by both and must also include a statement that the payment can be made to the wife only.
  • Include the address to which the redemption payment is to be mailed.
  • Send the redemption request letter and the bond to:  Silverside Swim Club, P.O. Box 7206, Wilmington DE 19803.  If the bond has been lost or cannot be found, explain this in the letter.
  • After receipt, review and approval of the request for redemption, the payment will be mailed as requested in the letter.

Bond Redemptions for the 2022 Season

 

Bond redemptions for the 2022 season will not be issues until November 1, 2021 due to the fact that our fiscal year ends on October 31, 2021.  Redemptions may be mailed to our P.O.Box prior to that date, but checks will not be cut until November 1, 2021.