(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.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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