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.
(a) Within twelve (12) months from the filing of the report required by section 1301.11, the State Treasurer shall cause notice to be published at least once in a legal newspaper as well as an English language newspaper of general circulation in the county in which the owner of the property had a last known address appearing from the verified report filed by the holder or, if there is no name or address or the owner is not a Pennsylvania resident, then at least one time in the Pennsylvania Bulletin. Notice shall also be posted on the Internet website of the Treasury Department.
(b) The published notice shall be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned and Unclaimed Property," and shall contain:
(c) The State Treasurer is not required to include in such notice published in an English language newspaper of general circulation any item of less than two hundred fifty dollars ($ 250) or to include in such notice published in a legal newspaper any item of less than two hundred fifty dollars ($ 250), unless the State Treasurer, in either instance, deems such publication to be in the public interest.
(d) Within nine (9) months from the receipt of the report required by section 1301.11, the State Treasurer shall mail a notice to each person having an address listed who appears to be entitled to property of the value of two hundred fifty dollars ($ 250) or more subject to custody and control of the Commonwealth under this article. The mailed notice shall contain:
(e) This section is not applicable to sums payable on travelers checks and money orders or to property reported to be without a rightful or lawful owner.
When property is paid or delivered to the State Treasurer under this article, the owner is entitled to receive income or other increments actually received by the State Treasurer.
(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.
(a) Except as provided in subsection (a.1), all funds received under this article, including the proceeds from the sale of property under section 1301.17, shall forthwith be deposited by the State Treasurer in the General Fund of the Commonwealth except that the State Treasurer shall retain in a separate trust fund an amount not exceeding twenty-five thousand dollars ($ 25,000) plus twenty per centum of deposits and sums paid to the State Treasurer under subsection (c) of section 1301.13 during the preceding twelve (12) months from which the State Treasurer shall make reimbursements under section 1301.14 and prompt payment of claims duly allowed under section 1301.19. Before making the deposit, the State Treasurer shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and of the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of an insurer, its number, the name of the insurer and the amount due. The record with respect to any specific claim shall be available to the claimant at all regular business hours.
(a.1)(1) On or before the thirtieth day of June, all of the funds received under clause 6 of section 1301.9 shall forthwith be deposited annually by the State Treasurer in the Crime Victim's Compensation Fund.
(2) Of these funds, the State Treasurer shall transfer five per centum in a special fund hereby established in the State Treasury to be designated the Rightful Owners' Claims Payment Fund from which the State Treasurer shall make reimbursements and prompt payments of claims for funds received.
Any person claiming an interest in any property paid or delivered to the Commonwealth under this article may file a claim thereto or to the proceeds from the sale thereof on the form prescribed by the State Treasurer.
The State Treasurer shall consider any claim filed under this article and may hold a hearing and receive evidence concerning it. If a hearing is held, the State Treasurer shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by the State Treasurer and the reasons for the State Treasurer's decision. The decision shall be a public record.
Unclaimed money come from many sources. Much of it – about 10% – is from insurance, e.g. someone had life insurance the heirs don‘t know about, or the policy changed after people moved, and the insurance company didn‘t find them. Most of the money is small amounts from old bank accounts.
Unclaimed Property is any financial asset that has been abandoned by the owner for one or more years. Some examples of property that can become abandoned are:
Treasuries of every state deal with unclaimed property passed on to them by the “property holder” organization. Information here can refer to both properties held by government and non-government organizations, so if the state procedure yields no results it is a good idea to contact the organization directly.
Please, check the ‘Property Holder’ column. Have you ever dealt with the organization listed there? Have you lived in that state?
If you have reason to believe that you are the rightful owner of the property listed here you have to find out if you can claim the property under question, and if it’s worth the effort.
All states maintain free-to-access registries of unclaimed properties.
129 Finance Building
Harrisburg, PA 17120
Phone: (800) 222-2046