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§ 1301.2. Property subject to custody and control of the Commonwealth

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: January 29, 2007

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 1. The Fiscal Code (Refs & Annos)
Article XIII.1. Disposition of Abandoned and Unclaimed Property (Refs & Annos)
Effective: January 29, 2007
72 P.S. § 1301.2
§ 1301.2. Property subject to custody and control of the Commonwealth
Currentness
(a) All abandoned and unclaimed property and property without a rightful or lawful owner as hereafter set forth is subject to the custody and control of the Commonwealth:
1. If it is tangible and physically located within the Commonwealth; or
2. If it is intangible, and (i) the last known address of the owner, as shown by the records of the holder, is within the Commonwealth; or (ii) the last known address of the owner as shown by the records of the holder is within a jurisdiction, the laws of which do not provide for the escheat or custodial taking of such property, and the domicile of the holder is within the Commonwealth; or (iii) no address of the owner appears on the records of the holder and the domicile of the holder is within the Commonwealth. Where the records of the holder do not show a last known address of the owner of a travelers check or money order, it shall be presumed that the state in which the travelers check or money order was issued is the state of the last known address of the owner; or (iv) no address of the owner appears on the records of the holder and the domicile of the holder is not within the Commonwealth, but it is proved that the last known address of the owner is in the Commonwealth.
(b) Property is payable or distributable for the purpose of this article notwithstanding the owner's failure to make demand or to present any instrument or document otherwise required to receive payment.
(c) Any property presumed to be abandoned and unclaimed under this article that is held by a rural electric cooperative organized or qualified to do business in this Commonwealth under 15 Pa.C.S. Ch. 73 (relating to electric cooperative corporations) may, at the discretion of the rural electric cooperative, be retained and used by the rural electric cooperative if the property is used within the rural electric cooperative's service territory for energy assistance, educational or civic purposes under a program adopted by the board of directors of the rural electric cooperative. The rural electric cooperative shall comply with the reporting requirements of this act with respect to such property and shall include with its report a certificate of compliance with the provisions of this subsection that is signed by the chief executive officer of the rural electric cooperative.

Credits

1929, April 9, P.L. 343, No. 176, art. XIII.1, § 1301.2, added 1982, Dec. 9, P.L. 1057, No. 248, § 5, retroactive effective Jan. 1, 1982. Amended 1986, May 16, P.L. 197, No. 60, § 2, imd. effective; 2006, Nov. 29, P.L. 1626, No. 187, § 1, effective in 60 days [Jan. 29, 2007].
72 P.S. § 1301.2, PA ST 72 P.S. § 1301.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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