Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1301.17. Disposition of property

(a) Within a reasonable time after delivery to the State Treasurer of any property under this article, the State Treasurer may sell it to the highest bidder at public sale in whatever city in the Commonwealth affords, in the State Treasurer's judgment, the most favorable market for the property involved.  The State Treasurer may decline the highest bid or reoffer the property for sale if the State Treasurer considers the price bid insufficient.  The State Treasurer need not offer any property for sale, if, in the State Treasurer's opinion, the probable cost of sale exceeds the value of the property.

(b) If the property is of a type customarily sold on a recognized market or of a type which is subjected to widely distributed standard price quotations, the State Treasurer may sell the property without notice by publication or otherwise.  The language provided in this section grants to the State Treasurer express authority to sell any property, including, but not limited to, stocks, bonds, notes, bills and all other public or private securities.

(c) Property reported or delivered to the custody or control of the State Treasurer pursuant to this act may be donated to the use of the Commonwealth or any of its political subdivisions or otherwise consumed or discarded, at the discretion of the State Treasurer where, in the opinion of the State Treasurer, the costs associated with delivery, notice or sale exceed the value of the property.  Property which is refused or is to be donated to the use of a political subdivision shall first be offered to the political subdivision which holds the property.  A donee or purchaser at any sale conducted by the State Treasurer pursuant to this article shall receive title to the property purchased, free from all claims of the owner or prior holder thereof and of all persons claiming through or under them.  The State Treasurer shall execute all documents necessary to complete the transfer of title.

(d) The State Treasurer shall be responsible to an owner only for the amount actually received by the State Treasurer upon the sale of any property pursuant to subsections (a), (b) and (c).

(e) The State Treasurer shall be required to sell all stocks, bonds and other negotiable financial instruments upon receipt of such items.  The State Treasurer shall not be held liable for any loss or gain in the value that the financial instrument would have obtained had the financial instrument been held instead of being sold.