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§ 1301.18. Deposit of funds

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: February 23, 2004

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: February 23, 2004
72 P.S. § 1301.18
§ 1301.18. Deposit of funds
(a) Except as provided in subsection (a.1), all funds received under this article, including the proceeds from the sale of property under section 1301.17, shall forthwith be deposited by the State Treasurer in the General Fund of the Commonwealth except that the State Treasurer shall retain in a separate trust fund an amount not exceeding twenty-five thousand dollars ($25,000) plus twenty per centum of deposits and sums paid to the State Treasurer under subsection (c) of section 1301.13 during the preceding twelve (12) months from which the State Treasurer shall make reimbursements under section 1301.14 and prompt payment of claims duly allowed under section 1301.19. Before making the deposit, the State Treasurer shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and of the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of an insurer, its number, the name of the insurer and the amount due. The record with respect to any specific claim shall be available to the claimant at all regular business hours.
(a.1)(1) On or before the thirtieth day of June, all of the funds received under clause 6 of section 1301.9 shall forthwith be deposited annually by the State Treasurer in the Crime Victim's Compensation Fund.
(2) Of these funds, the State Treasurer shall transfer five per centum in a special fund hereby established in the State Treasury to be designated the Rightful Owners' Claims Payment Fund from which the State Treasurer shall make reimbursements and prompt payments of claims for funds received under clause 6 of section 1301.9 duly allowed as provided by this act.
(3) If at any time the State Treasurer determines that there are insufficient funds in the Rightful Owners' Claims Payment Fund to pay all claims duly allowed by the State Treasurer or by order of a court of law to be paid, the State Treasurer shall withdraw from the Crime Victim's Compensation Fund an amount sufficient to pay such claims and need only notify the administrators of the Crime Victim's Compensation Fund as to when and what amount shall be withdrawn.
(4) If, however, the Rightful Owners' Claims Payment Fund has sufficient funds to satisfy all claims duly allowed by the State Treasurer or by order of a court of law to be paid throughout the twelve (12) month period immediately following the annual deposit by the State Treasurer in the Crime Victim's Compensation Fund, the remaining balance, if any, of the five per centum transferred by the State Treasurer during the preceding year shall be transferred to the Crime Victim's Compensation Fund.
(5) Before making the deposit in the Crime Victim's Compensation Fund and the Rightful Owners' Claims Payment Fund, the State Treasurer shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property. The record with respect to any specific claim shall be available to the claimant at all regular business hours.
(6) Notwithstanding any other provision of this subsection, the State Treasurer shall make reimbursements and prompt payment of claims for funds received under clause 6 of section 1301.9 first under clause (2) of this subsection and then from other available sources as provided by this act.
(b) The General Assembly shall annually appropriate to the State Treasurer such funds as it deems necessary and appropriate to administer this article.

Credits

1929, April 9, P.L. 343, No. 176, art. XIII.1, § 1301.18, added 1982, Dec. 9, P.L. 1057, No. 248, § 5, retroactive effective Jan. 1, 1982. Amended 2002, June 29, P.L. 614, No. 91, § 14, effective July 1, 2002; 2003, Dec. 23, P.L. 243, No. 45, § 4, effective in 60 days [Feb. 23, 2004].
72 P.S. § 1301.18, PA ST 72 P.S. § 1301.18
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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