Dear Legislator:

In this challenging economy, people should look everywhere they

efficiently can for lost revenue and property – and Treasury’s unclaimed
property program helps citizens do just that. I am proud to offer this
guide as a resource and tool to help your constituents put their money
back in their wallets.

Your local connection with your constituents allows you to play an

important role in the unclaimed property claim process. You can help
Treasury spread the word about unclaimed property and help constituents
initiate a claim.

This guide outlines the unclaimed property filing requirements and

provides reference material and contact information. It also offers tips to
prevent your constituents’ property from becoming unclaimed.

I am confident this guide will be a trusted source of information for you

and your staff as you work to put your constituents’ money back in their
wallets. Thank you for your continued support.

Respectfully,

Rob McCord
Treasurer
 Table Of Contents

PAGE

01 Treasury Department Contact Information

02 How to Search Treasury’s Online Unclaimed Property Database

02 What is Unclaimed Property?

04 The Claims Process

11 Demutualization Claims

13 Business Claims

14 Claims for Estates, Claiming on Behalf of a Deceased

Relative, and Short Certificates

17 Tips to Prevent Property from Becoming Unclaimed Property

If you have questions about any of the terms used in this manual, please
feel free to contact the Bureau of Unclaimed Property through the Office
of Legislative Affairs at 717-705-0577.
TREASURY DEPARTMENT CONTACT INFORMATION

Treasury Department
Office of Legislative Affairs
Room 133 Finance Building
Harrisburg, PA 17120
717-705-0577

Unclaimed Property Toll-Free Telephone Number

1-800-222-2046
Monday – Friday, 7:30 a.m. – 4:30 p.m.

Online Unclaimed Property Search

www.patreasury.org

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HOW TO SEARCH TREASURY’S ONLINE
UNCLAIMED PROPERTY DATABASE

Searching the unclaimed property database is easy and free:

• Go to www.patreasury.org.
• Click on the “Unclaimed Property” button in the green toolbar.
• Click on “Search for Property.”
• Type the company name or the individual’s last name in the
“Last Name” box and press the Tab key.
• Type the individual’s first name or initial in the
“First Name” box (optional).
• Click the “Search” button.

(See page 4 of this manual for further instructions if the system identifies
an account that belongs to your constituent.)

WHAT IS UNCLAIMED PROPERTY?

Unclaimed property is any financial asset that has been left with a
“holder,” such as a bank, insurance company, or other business or
organization, without activity or contact for at least one year or longer.
By law, after this time, holders must transfer unclaimed property to the
Pennsylvania Treasury Department.

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What are examples of unclaimed property?
The most common types of unclaimed property are savings or
checking accounts, stocks, dividends, checks that have not been cashed,
certificates of deposit, unclaimed insurance benefits, unused gift
certificates, and items abandoned in safe deposit boxes or held in police
department stolen-property files. By law, holders must transfer
abandoned property to the Treasury Department.

Search for Unclaimed Property if your constituent:

• Opened a savings account and forgot about it or the account

went inactive because he or she did not make deposits or
withdrawals for a period of time.

• Moved, forgot to change his or her address at the post office,

and had money coming.

• Left his or her job to start a new one, and never received
a final paycheck.

• Forgot to redeem a gift certificate (considered unclaimed

property if it contains an expiration date or any type of
post-sale charge or fee).

• Is or was an executor or administrator of an estate.

• Was named as a beneficiary on a life insurance policy.

What does Treasury do with unclaimed property?

Treasury maintains custody of unclaimed property until it is claimed by
the rightful owner. There is no time limit to claim unclaimed property.
After your constituent provides proof of ownership, our return team will
work with them to put their money back in their wallet - free of charge.

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THE CLAIMS PROCESS

My constituent would like to initiate a claim. Can you explain what

forms are required, and what additional documentation/identifica-
tion should be submitted?
If you would like to help a constituent in filing a claim who does not
have Internet access, go to the Unclaimed Property Web site at
www.patreasury.org and click on the “Unclaimed Property” tab, then
on the “Search for Property” button. Search under your constituent’s
last and first names. The system will identify potential matches to that
name. You can identify the accounts that belong to your constituent by
matching the reported address. Then, select only those accounts you are
helping the constituent to claim. Once the accounts are selected, a claim
information page will appear. The name and address that is submitted
for the claim should be that of your constituent; however, you can insert
your e-mail address in the applicable field. By doing so, an e-mail will
be sent to your address giving you a Web inquiry ID and password that
will allow you to follow the progress of the claim. You may, at any time,
log on to the Unclaimed Property Web site and follow the progress of
your constituent’s claim as it moves through the various stages, from
processing to payment.

The documentation required to complete a claim varies, depending on

who is claiming the property (the owner or a legal representative of the
owner) and the type of property being claimed. In all cases, claimants
are required to sign a claim form. They should follow the instructions on
the form to determine the additional documentation that is required.

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My constituent saw his name on an unclaimed property list.
How can he find out what the value of the property is before
he begins the filing process?
You may contact Treasury’s Office of Legislative Affairs at
717-705-0577, or your constituent may call the Bureau of
Unclaimed Property directly at 1-800-222-2046. Please note: Certain
information may need to be verified prior to the Bureau of Unclaimed
Property releasing the claim value.

What is the status of my constituent’s claim? Is there any way

I can check on the status of the claim myself?
Your constituents who file a claim via Treasury’s Web site are issued a
Web inquiry ID with their personal e-mail address and password that
allows them to follow the progress of their claim online. Otherwise, they
may contact the Bureau of Unclaimed Property at 1-800-222-2046. You
will need to get the claimant/constituent’s authorization to obtain a Web
inquiry ID and password to follow the progress of the claim.

How long does it take to process a claim?

The length of time varies according to the complexity of the claim
and the documentation provided by the claimant. If additional
documentation is required to process a claim, the claims examiner will
contact the claimant or legislator’s office directly.

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What if the claimant cannot provide proof of ownership
to the property?
Proof of ownership is usually established by address or Social Security
verification or, in some instances, presentation of the original property.
In most cases, the claimant will be asked to prove the “reported address.”
Some examples of acceptable proof include: an old envelope, school
record (yearbook, report card, etc.), church record, old utility bill,
mailing label from a magazine, or any other document confirming the
reported address. If the claimant is having a difficult time, please contact
us for assistance.

Sometimes, the claimant is not able to verify that he or she lived at the
last known address that was reported to Treasury. We realize that some
old addresses are difficult to prove. In these cases, the Treasury Return
Team will assist the claimant in establishing ownership. If a connection
to an old address still cannot be found, further research may be
necessary, such as contacting a former school district, tax bureau, or
church. If all efforts have been exhausted and ownership cannot be
proven, the claimant may be required to obtain a letter of verification
from the company that reported the property. Treasury takes into
consideration other factors that may lead to payment of the claim. In
most instances, claims of this nature are reviewed on a case-by-case
basis.

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The rightful owner of the property has died. How can my
constituent show proof of their relationship to the owner in
order to claim the property?
If the owner of the property is deceased, unclaimed property claims
can be paid to the owner’s estate. If no estate exists and the property is
valued over $11,000, someone must be appointed by the court to be the
personal representative of the estate. If the unclaimed property is valued
under $11,000, it has been at least five (5) years since a personal
representative to the estate was appointed, and the owner died as a
resident of Pennsylvania, the property may be paid to the surviving
spouse, child, parent, or sibling (preference given in that order). The
claimant will be asked to complete, and in this case sign, an affidavit
attesting to their relationship to the owner.

What happens if the next living relative to the decedent is not listed
in the line of succession, i.e., is a niece/nephew/grandchild? Can they
still file a claim for the property?
If no estate exists or if it has been at least five (5) years since the
appointment of a personal representative, a niece, nephew, grandchild,
or other relative may file a claim for a decedent’s property; however,
they must be appointed personal representative to the estate by the
Register of Wills.

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My constituent passed away before the check for his unclaimed
property was issued. Does his spouse/child have to begin the
process of filing for the claim all over again?
If the decedent has an estate and properly completed the claim prior to
his death, we will issue the check to the decedent, as long as the bank
will allow it to be deposited into the estate account. If the decedent died
intestate (without a will), then someone would have to be appointed
personal representative and go through the claims process. (Please see
page 13, “What if there is no will?”)

What if a Power of Attorney (POA) is claiming on behalf

of the owner?
Treasury will honor Personal Powers of Attorney as long as we receive a
certified copy of the POA, signed by the owner. The POA may execute
the claim forms on behalf of the owner. A certified copy of the POA
must have the notary ink stamp and include the “Acknowledgement
Executed by Agent” and “Notice” if executed in Pennsylvania after April
12, 2000, in accordance with 20 Pa. C.S.A. Section 5601(c). The entire
Power of Attorney must be submitted.

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What if someone offers to help my constituent locate
unclaimed property for a fee?
Advise your constituent that Treasury does not charge a fee to claim
or recover unclaimed property. Treasury is required to make a list of
unclaimed property owners available to third parties; however, these
parties must disclose certain information to the claimant in order for
any agreement to recover property to be valid. This written disclosure
includes the nature and value of the property, where it is currently being
held (Treasury), and the fee for recovery. The maximum fee that a third
party can charge is 15 percent of the total value of the property. Any
agreements that do not contain these disclosures are considered invalid.
A valid Power of Attorney (POA) must be submitted by third parties
before a claim is generated. Additionally, some firms work with
“pre-escheat” funds. In these cases, Treasury will provide suggestions
on how to claim the funds, but will not be able to provide claim forms.

Why is my constituent receiving cash instead of the stock

shares that were reported?
Treasury is required by the Unclaimed Property law to sell all shares
after being reported by a holder. According to Section 1301.17(e) of the
law, “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.”

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Must my constituent pay taxes on the money received
from unclaimed property?
The payment of unclaimed property may be considered a taxable event.
Constituents should be advised to check with their tax professional.

Where and to whom should my constituent return the claim forms?

Please return completed claim forms and documentation to:

Pennsylvania Treasury Department

Bureau of Unclaimed Property
P. O. Box 1837
Harrisburg, PA 17105-1837
1-800-222-2046

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BUSINESS CLAIMS

What does the claimant do if they have a business property?

• Claim and Affidavit & Indemnification agreement forms must

be signed and notarized.

• Proof of the Employer Identification Number (EIN) must

be provided.

• A letter must be provided authorizing the claimant to claim

the above-mentioned property on behalf of the company he or
she represents. The authorization letter must:

- Appear on company letterhead; and

- Contain the company’s corporate seal or be notarized; and
- Be signed by a corporate officer other than the claimant. If
the claimant is a sole proprietor, please include this
information in the letter.

• Signature ID must be included, such as a driver’s license

or corporate identification.

• If there are partners involved, it is not necessary that all partners

sign the papers; one partner can authorize the other(s) to claim
the property.

• If the business is closed, a certified copy of dissolution documents

from the Department of Revenue must be included. The original
or certified copy of the Distribution of Assets must also be included.
(Revenue forms can be downloaded at www.revenue.state.pa.us).

• If the business is closed, has been sold, or has merged with

another business, please provide supporting documentation, such
as dissolution papers, a sales agreement, or merger documents.

• If the business is bankrupt, the original or certified copy of the

bankruptcy discharge papers must be included.

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CLAIMS FOR ESTATES, CLAIMING ON BEHALF OF A
DECEASED RELATIVE, AND SHORT CERTIFICATES

What is a short certificate?

A short certificate is a certification that an estate proceeding is on record
in the Register of Wills’ office in the county where the decedent was
legally domiciled at the time of death. A short certificate can only be
issued if an estate exists. The Register of Wills is responsible for
appointing a personal representative.

How does my constituent file for a short certificate?

Is there any expense involved?
A short certificate can be obtained in the Register of Wills’ office in the
county where the decedent passed away. There is usually an expense
involved in this process. The cost varies by county.

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What if there is no will?
If the owner died “intestate” (without a will), an administrator is
appointed by the Register of Wills. The Register of Wills grants Letters
of Administration. The decedent’s estate is then distributed according to
a formula that is set forth by the Intestate Succession laws. These
“intestacy” laws name the beneficiaries and the amount to which they are
entitled.

Does my constituent need to submit a short certificate and

a relationship affidavit?
No. A short certificate is required if a personal representative has been
appointed in the last five years or if the value of the property is over
$11,000. If neither of these conditions exists, the claimant has the option
of using the relationship affidavit if the claim meets the requirements
that follow:

• The owner died without an estate or the estate has

been closed for more than five (5) years.

• The value of the property is less than $11,000.

• The owner was legally domiciled in Pennsylvania at

the time of death.

• The claimant is the surviving spouse, child, parent, or

sibling (preference given in that order). If the claimant is
not the surviving spouse, child, parent, or sibling, a short
certificate is required.

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Why is a certified death certificate required when claiming
on a relationship affidavit?
The law specifically states that a certified death certificate must be pre-
sented. If the death certificate lists a surviving spouse, and the spouse
is not claiming, it will be necessary to submit proof that the spouse is
deceased. In addition, the Bureau of Unclaimed Property prefers to
work with original or certified documents, when available. Treasury
staff members are trained to examine all documents for potential fraud or
identity theft. Working with original or certified documents eliminates
some element of risk of the document being altered.

What if the deceased owner died in another state?

Please contact the Bureau of Unclaimed Property by calling
1-800-222-2046 from 7:30 a.m. - 4:30 p.m. Monday - Friday, or e-mail
tupmail@patreasury.org to obtain information specific to the deceased
owner.

Where and to whom should my constituent return the claims form?

Please return completed claims forms and documentation to:

Treasury Department
Bureau of Unclaimed Property
P.O. Box 1837
Harrisburg, PA 17105-1837
1-800-222-2046

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TIPS TO PREVENT PROPERTY FROM BECOMING
UNCLAIMED PROPERTY

How can my constituent prevent his or her property from

becoming unclaimed?

• Keep accurate records of bank accounts, stocks, safe deposit

boxes, life insurance policies, and other financial matters.

• Correspond with all financial institutions holding savings,

checking, IRAs, Certificates of Deposit, and all other accounts
at least once every three years.

• Cash all checks for dividends, insurance benefits, and wages.

If your constituent stops receiving dividends, he or she should
contact the company that issues the dividends.

• Notify a family member or trusted adviser of the location

of his or her financial records.

• Prepare a checklist of all financial assets in order to notify

all concerned parties if your constituent changes his or
her address.

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