Each escheator shall give bond for the judicial circuit for which he is appointed
in the circuit court for the locality in which he resides, in the penalty of $3,000,
without surety, and may continue in office until removed or until a successor is duly
appointed and qualified. If property in another locality within the appointed judicial circuit escheats to
the Commonwealth at the inquest hearing, the escheator shall give bond within that
locality as determined by the clerk of the circuit court in the locality and in a
penalty of a percentage of the assessed value of the property according to the records
of the commissioner of the revenue. The bond shall be obtained within 10 days following the inquest hearing.
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