Voluntary Payment of Escheatable Funds

Lois G. Forer, Deputy Attorney General, and Thomas D. McBride, Attorney General,

—You report that the Division of Escheats Of the Department of Revenue receives unclaimed funds pursuant to the Act of June 25, 1937, P. L. 2063, as amended, 27 PS §§434-447, and the Act of June 7, 1915, P. L. 878, as amended, 27 PS §§241-301. The banks and companies subject to the above acts who are required to report escheatable funds make voluntary payment of such items. You ask whether an official receipt of the Department of Revenue relieves them from any and all liability and responsibility on such items…