HOUSE AMENDED PRIOR PRINTER'S NO. 335 PRINTER'S NO. 786
No. 333 Session of 1971
INTRODUCED BY HILL, STAPLETON, BELL, DAVIS, W. E. FLEMING, NOLAN, MESSINGER, MELLOW, LAMB, SESLER, COPPERSMITH, AMMERMAN, GERHART AND SMITH, FEBRUARY 15, 1971
AS REPORTED FROM COMMITTEE ON JUDICIARY, HOUSE OF REPRESENTATIVES, AS AMENDED, MAY 24, 1971
AN ACT 1 Providing for the custody and control of abandoned and unclaimed 2 property; providing for its disposition; imposing powers and 3 duties on the Secretary of Revenue; and imposing penalties. 4 The General Assembly of the Commonwealth of Pennsylvania 5 hereby enacts as follows: 6 Section 1. Short Title.--This act shall be known and may be 7 cited as the "Disposition of Abandoned and Unclaimed Property 8 Act." 9 Section 2. Definitions.--As used in this act, unless the 10 context otherwise requires: 11 (1) "Business association" includes any corporation (other 12 than a public corporation), joint stock company, business trust, 13 partnership, or any association of two or more individuals for 14 business purposes, whether organized or operated under State or 15 Federal law. 16 (2) "Financial institution" includes a bank, a private bank, 17 a bank and trust company, a savings association, a savings bank,
1 a trust company, a savings and loan association, a building and 2 loan association, a credit union, and any issuer of travelers 3 checks, money orders, or similar monetary obligations or 4 commitments, whether organized or operated under State or 5 Federal law. 6 (3) "Holder" includes any person in possession of property 7 subject to this act belonging to another, or who is a trustee in 8 case of a trust, or is indebted to another on an obligation 9 subject to this act. 10 (4) "Insurer" includes any person authorized to conduct an 11 insurance business under the laws of this Commonwealth or under 12 the laws of any other jurisdiction. 13 (5) "Owner" includes a depositor in case of a deposit, a 14 creditor, claimant, or payee in case of other choses in action, 15 or any other person having a legal or equitable interest in 16 property subject to this act, or his legal representative. 17 (6) "Person" includes any individual, business association, 18 government, or political subdivision, public corporation, public 19 authority, estate, trust, two or more persons having a joint or 20 common interest, or any other legal or commercial entity. 21 (7) "Property" includes all real and personal property, 22 tangible or intangible, all legal and equitable interests 23 therein, together with any income, accretions, or profits 24 thereof and thereon, and all other rights to property, subject 25 to all legal demands on the same. 26 (8) "Secretary" means the Secretary of Revenue of the 27 Commonwealth of Pennsylvania. 28 (9) "Utility" includes any person who owns or operates, for 29 public use, any plant, equipment, property, franchise, or 30 license for the transmission of communications, or the 19710S0333B0786 - 2 -
1 production, storage, transmission, sale, delivery, or furnishing 2 of electricity, water, steam, or gas. 3 Section 3. Abandoned and Unclaimed Property Subject to 4 Custody and Control of the Commonwealth.--All abandoned and 5 unclaimed property as hereafter set forth is subject to the 6 custody and control of the Commonwealth: 7 (1) If it is tangible and physically located within the 8 Commonwealth; or 9 (2) If it is intangible, and 10 (i) The last known address of the owner, as shown by the 11 records of the holder, is within the Commonwealth; or 12 (ii) The last known address of the owner as shown by the 13 records of the holder is within a jurisdiction, the laws of 14 which do not provide for the escheat or custodial taking of such 15 property, and the domicile of the holder is within the 16 Commonwealth; or 17 (iii) No address of the owner appears on the records of the 18 holder and the domicile of the holder is within the 19 Commonwealth. Where the records of the holder do not show a last 20 known address of the owner of a travelers check or money order 21 it shall be presumed that the state in which the travelers check 22 or money order was issued is the state of the last known address 23 of the owner; or 24 (iv) No address of the owner appears on the records of the 25 holder and the domicile of the holder is not within the 26 Commonwealth, but it is proved that the last known address of 27 the owner is in the Commonwealth. 28 Section 4. Property Held by Financial Institutions.--The 29 following property held or owing by a financial institution is 30 presumed abandoned and unclaimed: 19710S0333B0786 - 3 -
1 (1) Any demand, saving or matured time deposit in a 2 financial institution, or any funds paid toward the purchase of 3 shares or other interest in a savings association, savings and 4 loan or building and loan association, excluding any charges 5 that may lawfully be withheld, unless within the preceding 6 twenty-one years with respect to any savings deposits or any 7 funds paid toward the purchase of shares or other interest in a 8 savings and loan or building and loan association, or within the 9 preceding ten years in all other cases, the owner has: 10 (i) Increased the amount of the deposit, shares, or claim, 11 otherwise than by the crediting of accrued interest, or 12 decreased it, or presented to the holder evidence of the 13 deposit, shares or claim; or 14 (ii) Corresponded in writing with the holder concerning the 15 deposit, shares or claim; or 16 (iii) Otherwise indicated an interest in the deposit, shares 17 or claim as evidenced by a writing on file with the holder. 18 (2) Any sum payable on checks or on written instruments 19 including, but not limited to, drafts, money orders, and 20 travelers checks, on which a financial institution is directly 21 liable, and (i) which have been outstanding for more than ten 22 years, or in the case of travelers checks, twenty-one years, 23 from the date payable, or from the date of issuance if payable 24 on demand; and (ii) the owner, of which has not written to the 25 financial institution concerning it, nor otherwise indicated an 26 interest as evidenced by a writing on file with the financial 27 institution. 28 (3) Any funds or other personal property, tangible or 29 intangible, removed from a safe deposit box or any other 30 safekeeping repository in the Commonwealth on which the lease or 19710S0333B0786 - 4 -
1 rental period has expired due to nonpayment of rental charges or 2 other reason, or any surplus amounts arising from the sale 3 thereof pursuant to law, if the same has not been claimed by the 4 owner for more than seven years from the date on which the 5 rental period expired. 6 Section 5. Property Held by Insurers.--(a) In the case of 7 life insurance, the following property held or owing by an 8 insurer is presumed abandoned and unclaimed: 9 Any moneys held or owing by an insurer as established by its 10 records under any contract of annuity or policy of life 11 insurance including premiums returnable or dividends payable, 12 unclaimed and unpaid for more than seven years after the moneys 13 have or shall become due and payable under the provisions of 14 such contract of annuity or policy of insurance. A life 15 insurance policy not matured by actual proof of the death of the 16 insured is deemed to be matured and the proceeds thereof are 17 deemed to be due and payable if such policy was in force when 18 the insured attained the limiting age under the mortality table 19 on which the reserve is based, unless the person appearing 20 entitled thereto has within the preceding seven years, (i) 21 assigned, readjusted, or paid premiums on the policy, or 22 subjected the policy to loan, or (ii) corresponded in writing 23 with the insurer concerning the policy. 24 If a person other than the insured or annuitant is entitled 25 to the funds and no address of such person is known to the 26 insurer or if it is not definite and certain from the records of 27 the insurer what person is entitled to the funds, it is presumed 28 that the last known address of the person entitled to the funds 29 is the same as the last known address of the insured or 30 annuitant according to the records of the insurer. 19710S0333B0786 - 5 -
1 Moneys otherwise payable according to the records of the 2 insurer are deemed due and payable although the policy or 3 contract has not been surrendered as required. 4 (b) In the case of insurance other than life insurance, the 5 following property held or owing by an insurer is presumed 6 abandoned and unclaimed: 7 Any moneys held or owing by an insurer as established by its 8 records under any contract of insurance other than annuity or 9 life insurance, including premiums or deposits returnable or 10 dividends payable to policy or contract holders or other persons 11 entitled thereto, unclaimed and unpaid for more than seven years 12 after the moneys have or shall become due and payable under the 13 provisions of such contracts of insurance. 14 If a person other than the insured, the principal, or the 15 claimant is entitled to the funds and no address of such person 16 is known to the insurer or if it is not definite and certain 17 from the records of the insurer what person is entitled to the 18 funds, it is presumed that the last known address of the person 19 entitled to the funds is the same as the last known address of 20 the insured, the principal, or the claimant according to the 21 records of the insurer. 22 Section 6. Property Held by Utilities.--The following funds 23 held or owing by any utility are presumed abandoned and 24 unclaimed: 25 (1) Any customer advance, toll, deposit, or collateral 26 security or any other property held by any utility if under the 27 terms of an agreement the advance, toll, deposit, collateral 28 security or other property is due to or demandable by the owner 29 and has remained unclaimed for seven years or more from the date 30 when it first became due to or demandable by the owner under the 19710S0333B0786 - 6 -
1 agreement. 2 (2) Any sum which a utility has been ordered to refund, less 3 any lawful deductions, and which has remained unclaimed by the 4 person appearing on the records of the utility entitled thereto 5 for two years or more after the date it became payable in 6 accordance with the final order providing for the refund. 7 Section 7. Property Held by Business Associations.--The 8 following property held or owing by a business association is 9 presumed abandoned and unclaimed: 10 (1) The consideration paid for a gift certificate which has 11 remained unredeemed for two years or more after its redemption 12 period has expired or for seven years or more from the date of 13 issuance if no redemption period is specified. 14 (2) Any certificate of stock or participating right in a 15 business association, for which a certificate has been issued or 16 is issuable but has not been delivered, whenever the owner 17 thereof has not claimed such property, or corresponded in 18 writing with the business association concerning it, within 19 seven years after the date prescribed for delivery of the 20 property to the owner. 21 (3) Any sum due as a dividend, profit, distribution, payment 22 or distributive share of principal held or owing by a business 23 association, whenever the owner has not claimed such sum or 24 corresponded in writing with the business association concerning 25 it within seven years after the date prescribed for payment or 26 delivery. 27 (4) Any sum due as principal or interest on the business 28 association's bonds or debentures, or coupons attached thereto, 29 whenever the owner has not claimed such sum or corresponded in 30 writing with the business association concerning it within seven 19710S0333B0786 - 7 -
1 years after the date prescribed for payment. 2 (5) Any sum or certificate or participating right due by a 3 cooperative to a participating patron, whenever the owner has 4 not claimed such property, or corresponded with the cooperative 5 concerning the same within seven years after the date prescribed 6 for payment or delivery. 7 Section 8. Property Held in the Course of Dissolution of 8 Business Associations, Financial Institutions, Insurers and 9 Utilities.--The following property held in the course of 10 dissolution of a business association, financial institution, 11 insurer or utility is presumed abandoned and unclaimed: 12 Any property distributable in the course of dissolution of a 13 business association, financial institution, insurer or utility 14 organized under the laws of or created in the Commonwealth, 15 unclaimed by the owner within two years after the date for final 16 distribution. 17 Section 9. Property Held by Fiduciaries.--The following 18 property held by fiduciaries is presumed abandoned and 19 unclaimed: 20 All property held in a fiduciary capacity for the benefit of 21 another person, unless the owner within seven years after it has 22 or shall become payable or distributable has increased or 23 decreased the principal, accepted payment of principal or 24 income, corresponded in writing concerning the property or 25 otherwise indicated an interest therein as evidenced by a 26 writing on file with the fiduciary. 27 Section 10. Property Held by Courts and Public Officers and 28 Agencies.--The following property is presumed abandoned and 29 unclaimed: 30 All property held for the owner by any court, public 19710S0333B0786 - 8 -
1 corporation, public authority, or instrumentality of the United 2 States, the Commonwealth, or any other state, or by a public 3 officer or political subdivision thereof, unclaimed by the owner 4 for more than seven years from the date it first became 5 demandable or distributable. 6 Section 11. Miscellaneous Property Held for or Owing to 7 Another.--The following property, held or owing to any owner, is 8 presumed abandoned and unclaimed: 9 All property, not otherwise covered by this act, that is 10 admitted in writing by the holder and adjudicated to be due, 11 that is held or owing in the ordinary course of the holder's 12 business, and that has remained unclaimed by the owner for more 13 than seven years after it became payable or distributable is 14 presumed abandoned and unclaimed. 15 Section 12. Report of Property Subject to Custody and 16 Control of the Commonwealth under This Act.--(a) Except as 17 hereinafter provided in subsection (f), every person holding 18 property which became subject to custody and control of the 19 Commonwealth under this act during the preceding year shall 20 report to the secretary as hereinafter provided. 21 (b) The report shall be verified and shall include: 22 (1) Except with respect to travelers checks and money 23 orders, the name, if known, and last known address, if any, of 24 each person appearing from the records of the holder to be the 25 owner of any property of the value of twenty-five dollars ($25) 26 or more; 27 (2) The nature and identifying number, if any, or 28 description of the property and the amount appearing from the 29 records to be due, except that items of value under twenty-five 30 dollars ($25) each may be reported in the aggregate; 19710S0333B0786 - 9 -
1 (3) The date when the property became payable, demandable, 2 or returnable, and the date of the last transaction with the 3 owner with respect to the property; and 4 (4) Other information which the secretary prescribes by 5 rules or regulations as necessary for administration of this 6 act. 7 (c) If the person holding property subject to custody and 8 control of the Commonwealth under this act is a successor to 9 other persons who previously held the property for the owner, or 10 if the holder has changed his name while holding the property, 11 he shall file with his report all prior known names and 12 addresses of each holder of the property. 13 (d) The report shall be filed on or before April 15 of the 14 year following the year in which the property first became 15 subject to custody and control of the Commonwealth under this 16 act. The secretary may postpone for a period not exceeding six 17 months the reporting date upon written request by any person 18 required to file a report. 19 (e) Verification, if made by a partnership, shall be 20 executed by a partner; if made by an unincorporated association 21 or private corporation, by an officer; and if made by a public 22 corporation, by its chief fiscal officer. 23 (f) The initial report under this act shall be filed within 24 six months of the effective date of this act and shall include 25 (i) all items of property as to which the periods of dormancy 26 specified in sections 4 to 11 hereof expired during the 27 preceding year and (ii) all items of property subject to custody 28 and control of the Commonwealth not included in reports required 29 to be filed during the preceding fourteen years as provided 30 under existing statutes. 19710S0333B0786 - 10 -
1 Section 13. Notice and Publication of Lists of Property
2 Subject to Custody and Control of the Commonwealth under This
3 Act.--(a) Within nine months from the filing of the report
4 required by section 12, the secretary shall cause notice to be
5 published at least once each week for two successive weeks in an
6 English language newspaper of general circulation in the county
7 in which the holder of the property has his principal place of
8 business in the Commonwealth or, if there is no such place, then
9 in Dauphin County. AT LEAST ONE TIME IN THE PENNSYLVANIA <--
10 BULLETIN.
11 (b) The published notice shall be entitled "Notice of Names
12 of Persons Appearing to be Owners of Abandoned and Unclaimed
13 Property," and shall contain:
14 (1) The names and last known addresses, if any, of persons
15 listed in the report and entitled to notice within the county as
16 hereinbefore specified and the name and address of the holder;
17 (2) A statement that information concerning the amount or
18 description of the property and the name and address of the
19 holder may be obtained by any persons possessing an interest in
20 the property by addressing an inquiry to the holder;
21 (3) A statement that if proof of claim is not presented by
22 the owner to the holder and if the owner's right to receive the
23 property is not established to the holder's satisfaction within
24 three months from the date of the second published notice, the
25 abandoned or unclaimed property will be placed in the custody of
26 the secretary to whom all further claims must thereafter be
27 directed.
28 (c) The secretary is not required to publish in such notice
29 any item of less than twenty-five dollars ($25) unless he deems
30 such publication to be in the public interest.
19710S0333B0786 - 11 -
1 (d) Within six months from the receipt of the report 2 required by section 12, the secretary shall mail a notice to 3 each person having an address listed who appears to be entitled 4 to property of the value of twenty-five dollars ($25) or more 5 subject to custody and control of the Commonwealth under this 6 act. The mailed notice shall contain: 7 (1) A statement that, according to a report filed with the 8 secretary, property is being held to which the addressee appears 9 entitled; 10 (2) The name and address of the person holding the property 11 and any necessary information regarding changes of name and 12 address of the holder; 13 (3) A statement that, if satisfactory proof of claim is not 14 presented by the owner to the holder by the date specified in 15 the published notice, the property will be placed in the custody 16 of the secretary to whom all further claims must be directed. 17 (e) This section is not applicable to sums payable on 18 travelers checks and money orders. 19 Section 14. Payment or Delivery.--(a) Every person who holds 20 property subject to the custody and control of the Commonwealth 21 shall, within sixty days after receipt of written demand from 22 the secretary and after compliance with section 13, where 23 required, pay or deliver to the secretary all property subject 24 to custody and control of the Commonwealth under this act, 25 except that, if the owner establishes his right to receive the 26 property to the satisfaction of the holder, or if it appears 27 that for some other reason the property is not then subject to 28 custody and control of the Commonwealth under this act, the 29 holder need not pay or deliver the property to the secretary, 30 but in lieu thereof shall file a verified written explanation of 19710S0333B0786 - 12 -
1 the proof of claim or as to the reason the property is not 2 subject to custody and control of the Commonwealth. 3 (b) A receipt shall be issued, on behalf of the 4 Commonwealth, for all property received under this act. 5 (c) In the case of sums payable on travelers checks and 6 money orders presumed abandoned or unclaimed under section 4, 7 such sums shall be paid to the secretary within twenty days 8 after the final date for filing the report required by section 9 12. 10 Section 15. Relief from Liability by Payment or Delivery.-- 11 Upon the payment or delivery of the property to the secretary, 12 the Commonwealth shall assume custody and shall be responsible 13 for the safekeeping thereof. Any person who pays or delivers 14 property to the secretary under this act is relieved of all 15 liability with respect to such property so paid or delivered for 16 any claim which then exists or which thereafter may arise or be 17 made in respect to such property. Any holder who has paid moneys 18 to the secretary pursuant to this act may make payment to any 19 person appearing to such holder to be entitled thereto, and upon 20 proof of such payment and proof that the payee was entitled 21 thereto, the secretary shall forthwith reimburse the holder for 22 the payment. 23 Section 16. Income Accruing After Payment or Delivery.--When 24 property is paid or delivered to the secretary under this act, 25 the owner is entitled to receive income or other increments 26 actually received by the secretary. 27 Section 17. Periods of Limitation.--Except as hereinbelow 28 set forth, the expiration of any period of time specified by 29 statute or court order, during which an action may be commenced 30 or maintained, or could have been commenced or maintained, by 19710S0333B0786 - 13 -
1 the owner against the holder of the property, shall not prevent 2 such property from being subject to the custody and control of 3 the Commonwealth under this act, nor affect the duty to file a 4 report or to pay or deliver the property to the secretary, as 5 required by this act, nor bar any action by the secretary under 6 this act, provided that: 7 (a) If any holder required to file a report under any act in 8 effect prior to the effective date of this act, or under this 9 act, has filed or files a report, no action shall be commenced 10 or maintained against such holder unless it has been or is 11 commenced within fifteen years after such report has been or is 12 filed. 13 (b) If any holder was not required to file a report under 14 any act in effect prior to the effective date hereof, no action 15 shall be commenced or maintained unless it has been or is 16 commenced within fifteen years after the property first became 17 escheatable or payable into the State Treasury without escheat. 18 Section 18. Sale of Property.--(a) Within a reasonable time 19 after delivery to him of any property under this act, the 20 secretary shall sell it to the highest bidder at public sale in 21 whatever city in the Commonwealth affords, in his judgment, the 22 most favorable market for the property involved. The secretary 23 may decline the highest bid or reoffer the property for sale if 24 he considers the price bid insufficient. He need not offer any 25 property for sale, if, in his opinion, the probable cost of sale 26 exceeds the value of the property. 27 (b) If the property is of a type customarily sold on a 28 recognized market or of a type which is subjected to widely 29 distributed standard price quotations, the secretary may sell 30 the property without notice by publication or otherwise. Any 19710S0333B0786 - 14 -
1 sale of other property held under this section shall be preceded 2 by a single publication of notice thereof, at least three weeks 3 in advance of sale in an English language newspaper of general 4 circulation in the county where the property is to be sold. 5 (c) The purchaser at any sale conducted by the secretary 6 pursuant to this act shall receive title to the property 7 purchased, free from all claims of the owner or prior holder 8 thereof and of all persons claiming through or under them. The 9 secretary shall execute all documents necessary to complete the 10 transfer of title. 11 Section 19. Deposit of Funds.--(a) All funds received under 12 this act, including the proceeds from the sale of property under 13 section 18, shall forthwith be deposited by the secretary in the 14 General Fund of the Commonwealth, except that the secretary 15 shall retain in a separate trust fund an amount not exceeding 16 twenty-five thousand dollars ($25,000) from which he shall make 17 prompt payment of claims duly allowed by him as hereinafter 18 provided. Before making the deposit he shall record the name and 19 last known address of each person appearing from the holders' 20 reports to be entitled to the property and of the name and last 21 known address of each insured person or annuitant, and with 22 respect to each policy or contract listed in the report of an 23 insurer, its number, the name of the insurer, and the amount 24 due. The record with respect to any specific claim shall be 25 available to the claimant at all regular business hours. 26 (b) Before making any deposit to the credit of the General 27 Fund, the secretary may deduct: (i) reasonable costs in 28 connection with sale of the property, (ii) reasonable costs of 29 mailing and publication in connection with any property, and 30 (iii) reasonable service charges. 19710S0333B0786 - 15 -
1 Section 20. Claim for Property Paid or Delivered.--Any 2 person claiming an interest in any property paid or delivered to 3 the Commonwealth under this act may file a claim thereto or to 4 the proceeds from the sale thereof on the form prescribed by the 5 secretary. 6 Section 21. Determination of Claims.--(a) The secretary 7 shall consider any claim filed under this act and may hold a 8 hearing and receive evidence concerning it. If a hearing is 9 held, he shall prepare a finding and a decision in writing on 10 each claim filed, stating the substance of any evidence heard by 11 him and the reasons for his decision. The decision shall be a 12 public record. 13 (b) If the claim is allowed, the secretary shall make 14 payment forthwith. 15 Section 22. Judicial Action upon Determinations.--Any person 16 aggrieved by a decision of the secretary or as to whose claim 17 the secretary has failed to act within ninety days after the 18 filing of the claim, may commence an action in the court of <-- 19 appropriate jurisdiction COMMONWEALTH COURT to establish his <-- 20 claim. The proceeding shall be brought within ninety THIRTY days <-- 21 after the decision of the secretary or within one hundred eighty <-- 22 TWENTY days from the filing of the claim if the secretary fails <-- 23 to act. The action shall be tried de novo without a jury. 24 Section 23. Election to Take Payment or Delivery.--The 25 secretary may decline to receive any item of property reported 26 which he deems to have a value less than the cost of giving 27 notice and holding sale, in which event the holder thereof is 28 discharged of any liability to the Commonwealth with respect 29 thereto. Unless the holder of the property is notified to the 30 contrary within one hundred twenty days after filing the report 19710S0333B0786 - 16 -
1 required under section 12, the secretary shall be deemed to have 2 elected to receive the custody of the property. 3 Section 24. Examination of Records.--If the secretary has 4 reason to believe that any holder has failed to report property 5 that should have been reported pursuant to this act, the 6 secretary may, at reasonable times and upon reasonable notice, 7 examine the records of such person with respect to such 8 property. 9 Section 25. Proceeding to Compel Reporting or Delivery.--(a) 10 If any person refuses to report or deliver property to the 11 secretary as required under this act, the Commonwealth shall 12 bring an action in a court of appropriate jurisdiction to 13 enforce reporting or delivery. In any such action the 14 Pennsylvania Rules of Civil Procedure shall apply, including 15 without limitation those pertaining to discovery. 16 (b) If any holder fails, without proper cause, (i) to report 17 or (ii) to pay and deliver to the secretary property subject to 18 custody and control of the Commonwealth under this act, such 19 holder shall be liable to pay to the secretary interest at the 20 rate of twelve per cent per annum from the time such report 21 should have been filed, to be computed on the value of such 22 property as established in an action by the secretary under 23 subsection (a) above, and such interest shall be recoverable in 24 the same action. 25 Section 26. Penalties.--(a) Any person who, without proper 26 cause, fails to render any report or perform other duties 27 required under this act, shall, upon conviction in a summary 28 proceeding be sentenced to pay a fine of ten dollars ($10) for 29 each day such report is withheld, but not more than one thousand 30 dollars ($1,000). 19710S0333B0786 - 17 -
1 (b) Any person who, without proper cause, refuses to pay or 2 deliver property to the secretary as required under this act 3 shall be guilty of a misdemeanor and, upon conviction thereof, 4 shall be sentenced to pay a fine of not less than one hundred 5 dollars ($100) nor more than one thousand dollars ($1,000), or 6 imprisonment for not more than twelve months, or both. 7 Section 27. Rules and Regulations.--The secretary is hereby 8 authorized to make necessary rules and regulations to carry out 9 the provisions of this act. 10 Section 28. Effect of Laws of Other States.--This act shall 11 not apply to any property that has been presumed abandoned, 12 escheated, or subject to custody and control of another 13 jurisdiction under the laws of such other jurisdiction prior to 14 the effective date of this act. 15 Section 29. Repeals.--(a) The following acts and parts of 16 acts, and all amendments and supplements thereto, are hereby 17 repealed to the extent specified: 18 (1) The act of September 29, 1787 (2 Sm. L. 425), entitled 19 "An act to declare and regulate Escheats," absolutely. 20 (2) The act of May 2, 1889 (P.L.66), entitled "An act 21 defining and regulating escheats in cases where property is 22 without a lawful owner, and providing for more convenient 23 proceedings relative to the same," absolutely. 24 (3) The act of June 7, 1915 (P.L.878), entitled "An act 25 providing for the escheat of deposits of money or property of 26 another received for storage or safe-keeping; the dividends, 27 profits, debts, and interest on debts of corporations, 28 companies, banks, trust companies, insurance companies, limited 29 partnerships, and partnership associations, organized under the 30 laws of this Commonwealth, except mutual saving-fund society not 19710S0333B0786 - 18 -
1 having a capital stock represented by shares, and except also 2 building and loan associations, and property held for the 3 benefit of another by the same, and the profits, accretions, and 4 interest on such property, as well as interest thereon accrued, 5 or which should have accrued, between the fixing of the amount 6 of such property by the award of any court and the actual 7 distribution thereof," absolutely. 8 (4) The act of May 16, 1919 (P.L.169), entitled "An act 9 providing for the payment into the State Treasury of unclaimed 10 funds in the hands of fiduciaries; defining the term fiduciary; 11 providing for the refunding of such funds from the State 12 Treasury with interest to persons entitled thereto, and making 13 an appropriation therefor; prohibiting the discharge of such 14 fiduciaries, the release of their sureties, or the final 15 distribution of funds in their possession, until after 16 compliance with the provisions of this act; and imposing 17 penalties," absolutely. 18 (5) Sections 205, 504, 614, 1720 and Article XIII, act of 19 April 9, 1929 (P.L.343), known as "The Fiscal Code," absolutely. 20 (6) The act of April 8, 1937 (P.L.284), entitled "An act 21 requiring county officers and persons formerly occupying county 22 offices in counties of the first class to pay over to the county 23 treasurer for safekeeping certain unclaimed moneys, and 24 providing for the payment of such moneys out of the county 25 treasury to claimants, and for the escheat of unclaimed moneys," 26 absolutely. 27 (7) The act of April 29, 1937 (P.L.539), entitled "An act 28 requiring unemployment relief orders, issued by the State 29 Veterans' Commission, to be presented for payment within a 30 certain period, otherwise to be cancelled, and the moneys 19710S0333B0786 - 19 -
1 appropriated for their payment to be escheated to the 2 Commonwealth, and credited to the current appropriation to such 3 commission for unemployment relief purposes," absolutely. 4 (8) The act of June 25, 1937 (P.L.2063), entitled "An act 5 providing for the payment into the State Treasury, without 6 escheat, of certain moneys and property subject to escheat under 7 existing law, namely unclaimed dividends and profits, certain 8 debts, and interest on certain debts, proceeds of policies of 9 insurance, stock and customers deposits held by certain limited 10 partnerships and unincorporated associations, joint-stock 11 associations, companies and corporations doing business under 12 the laws of this Commonwealth; declaring the legislative intent 13 with respect to such payments; requiring reports of such money 14 and property by, and imposing other duties upon, such 15 partnerships, associations, and corporations; conferring powers 16 and imposing duties on certain State officers, boards, and 17 departments; providing for jurisdiction of courts, and for 18 proceedings for the recovery of such moneys and property by the 19 Attorney General at the suggestion of the Department of Revenue; 20 providing for refunds of such moneys and property; and 21 prescribing penalties," absolutely. 22 (9) The act of May 11, 1949 (P.L.1140), known as the 23 "Unclaimed Funds Act for Life Insurance Companies," absolutely. 24 (10) The act of May 17, 1949 (P.L.1403), known as the 25 "Municipal Unclaimed Moneys Act," absolutely. 26 (11) Insofar as it is inconsistent with section 17 and 27 subsection (c) of section 29 of this act, the act of July 10, 28 1963 (P.L.233), entitled "An act providing for repose in actions 29 to escheat or compel payment without escheat." 30 (12) The act of July 31, 1963 (P.L.426), entitled "An act 19710S0333B0786 - 20 -
1 providing for the credit of moneys to various funds in the State 2 Treasury held for the payment of outstanding checks; providing 3 for the escheat of moneys where checks are not presented within 4 seven years; and providing for issuance of replacement checks 5 issued in lieu of outstanding checks when presented," 6 absolutely. 7 (b) All other acts and parts of acts, general, local, and 8 special, are repealed insofar as they are inconsistent herewith. 9 (c) All existing causes of action and defenses, including 10 but not limited to, the fifteen-year statute of repose, set 11 forth in the act of July 10, 1963 (P.L.233), entitled "An act 12 providing for repose in actions to escheat or compel payment 13 without escheat," shall be preserved. 14 Section 30. Effective Date.--This act shall take effect on 15 January 1, 1972. B1L53RAW/19710S0333B0786 - 21 -