(a) It is the intent of the General Assembly to allow the State Treasurer to obtain possession of unredeemed and unclaimed United States savings bonds on behalf of residents of this Commonwealth but held by the Federal Government to permit and facilitate the right of Pennsylvania bond holders to be reunited with the bond holders' United States savings bonds proceeds.

(b) Any sum due as principal or interest on a United States savings bond or debenture, or coupons attached thereto, whenever the bond has remained unclaimed and unredeemed by the owner for more than three (3) years after its date of final maturity and in which the owner has not indicated an interest, shall be presumed abandoned and unclaimed.

(c) Notwithstanding any law to the contrary, United States savings bonds that are unclaimed property pursuant to section 1301.10(1) shall escheat to the Commonwealth three (3) years after becoming unclaimed property by virtue of the provisions of section 1301.2. All property rights and legal title to and ownership of United States savings bonds or proceeds from the bonds, including all rights, powers and privileges of survivorship of any owner, co-owner or beneficiary, shall vest solely in the Commonwealth according to procedures set forth in subsections (d), (e), (f), (g) and (h).

(d) Within one hundred eighty (180) days after becoming reportable as unclaimed property pursuant to section 1301.10(1), if no claim has been filed in accordance with the provisions of section 1301.19 for a United States savings bond, the State Treasurer may commence a civil action in Commonwealth Court for a determination that the United States savings bond shall escheat to the Commonwealth. The State Treasurer may postpone bringing the action until sufficient United States savings bonds have accumulated to justify, in the State Treasurer's opinion, the expense of the proceedings.

(e) The State Treasurer shall make service by publication of the proceeding in accordance with Pa.R.C.P. No. 430 (relating to Service Pursuant to Special Order of Court. Publication). In addition, the notice shall name any known owner, co-owner or beneficiary to be served and notify the person that:

(f) The Commonwealth Court, if satisfied by evidence that the State Treasurer has substantially complied with the laws of this Commonwealth, shall enter a judgment that the United States savings bond has escheated to the Commonwealth if:

(g) The State Treasurer shall redeem the United States savings bonds escheated to the Commonwealth. The proceeds, minus administrative expenses and expenses incurred by the Commonwealth in securing title to the bonds, from the redemption of United States savings bonds shall be deposited in the General Fund in accordance with the provisions of section 1301.18.

(h) Notwithstanding any law to the contrary, a person making a claim for United States savings bonds escheated to the Commonwealth under this section, or for the proceeds from the bonds, may file a claim with the State Treasurer. Upon providing sufficient proof of the validity of the person's claim, the State Treasurer shall pay the claim. If payment has been made to a claimant, no action shall be maintained by any other claimant against the Commonwealth or any officer of the Commonwealth, for or on account of the funds.