Home Table of Contents

§ 701.5. Administration of trust

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 58 P.S. Oil and GasEffective: July 11, 2006

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 58 P.S. Oil and Gas (Refs & Annos)
Chapter 12. Dormant Oil and Gas Act
Effective: July 11, 2006
58 P.S. § 701.5
§ 701.5. Administration of trust
Currentness
(a) Governing law.--The trust shall be administered in accordance with the provisions of 20 Pa.C.S. (relating to decedents, estates and fiduciaries).
(b) Payments.--All bonuses, rental payments, royalties and other income due to the unknown owner or owners shall be paid to the trustee until the trust is terminated and notice of its termination given to all interested parties. The trustee shall distribute all moneys held in the trust to the person or persons entitled thereto as determined by the trustee or by order of the court that created the trust.
(c) Trust to remain in force.--A trust for unknown owners shall remain in force until the unknown owners of the oil and gas interests in question have been identified to the satisfaction of the trustee and received their share of any funds held in trust.
(d) Fiscal Code.--Funds held in a trust for unknown owners are subject to the provisions of Article XIII.11 of the act of April 9, 1929 (P.L. 343, No. 176), known as The Fiscal Code, relating to disposition of unclaimed and abandoned property.

Credits

2006, July 11, P.L. 1134, No. 115, § 5, imd. effective.

Footnotes

1
72 P.S. § 1301.1 et seq.
58 P.S. § 701.5, PA ST 58 P.S. § 701.5
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document