Delaware County v. First Union Corp.

OPINION

Justice SAYLOR.

In this appeal by allowance, we consider whether Pennsylvania’s statute pertaining to the disposition of unclaimed property requires that a local government escheat to the Commonwealth both principal and interest on unclaimed bond funds, or whether only the principal must be escheated.

According to the parties’ allegations, Appellee Delaware County (“County”) issued a number of general obligation bonds during the time period in question in amounts ranging from approximately $2,000,000 to $85,000,000 1 The holders of these bonds could present them for payment upon…