Vault

Lost and Forgotten Tangible Property in Safekeeping

Pennsylvania Treasury's Vault is used to maintain the custody of tangible property reported to the Bureau of Unclaimed Property. Tangible property is physical assets such as collectible coins, jewelry, military medals, stamps, antiques, savings bonds or other physical items. They come from abandoned safe deposit boxes held by financial institutions, evidence from police departments, and various other entities such as colleges, hospitals and nursing homes. Tangible property is held for three years, after which time it may be liquidated and the cash proceeds from the sale held in perpetuity by the state to be claimed by the rightful owner.


Financial Institution Safekeeping Reporting

In addition to the annual filing of intangible unclaimed property such as checking and savings accounts, certificates of deposit and outstanding checks, all financial institutions that offer safe deposit boxes to their customers must include this category with their annual review. Any contents meeting the dormancy requirement are to be reported to Treasury via a tangible unclaimed property report.


Dormancy

For property removed from safe deposit boxes, dormancy begins based on the date “on which the rental period expired.” 72 P.S. §1301.3.4


Savings Bonds/Stock Certificates

Please use the box owner(s) as the property owner for reporting savings bonds and list the savings bonds. The bond owner name(s) should not be included in the description. This same concept can also be applied to reporting stock certificates. Once Treasury receives the property, the items will be inventoried and the appropriate names and specific information will be placed on the report by Vault staff. For questions, please contact the Tangible Property Unit 717-705-6682.


Transmittable and Collectible Monies

Any coins and currency held in safekeeping must be examined to be determined whether they are collectible or transmittable. All transmittable, non-collectible monies reported to Treasury must be submitted via a check or money order for the total amount.


    The following coins should be reported as collectible:
  • Coins dated prior to 1965
  • Kennedy half dollars dated 1970 or prior
  • Any coin containing gold


In addition, any coin(s) packaged in a way that would lead you to believe they have an additional value, probably are, such as sealed mint or proof packaging, or occasionally they are in a coin flip holder. When in doubt, it is best to err on the side of caution.


Police Department Filing

To determine if a police department has unclaimed property to report, the evidence room inventory must be reviewed. Refer to examples of what Treasury accepts and refuses. Refused property submitted to Treasury will be returned at the entity’s expense. Please note that police departments should schedule an appointment to drop off tangible property by calling the number under the resources section. The mailing address is also listed in the resources section.


Dormancy Period

If property has a known owner, the dormancy period is three (3) years. If property does not have a known owner, the dormancy period is one (1) year.

This dormancy period begins from the date the case was adjudicated, not inventoried by the police department.


Forfeited Property

Property for which a law enforcement agency has successfully obtained an order of forfeiture, thereby passing the property’s title to the agency. This property is not reportable.


Seized Property

Property which is held by a law enforcement agency related to a criminal investigation. Seized property does not become dormant for the purposes of Pennsylvania’s Unclaimed Property Law until such time as the criminal investigation is concluded; if the investigation does not lead to a criminal conviction and the property’s owner is unknown or fails to claim the property, the property becomes reportable to Treasury based on the date it first became demandable by the owner.


Transmittable and Collectible Monies

Any coins and currency held in safekeeping must be examined to be determined whether they are collectible or transmittable. All transmittable, non-collectible monies reported to Treasury must be submitted via a check or money order for the total amount. All checks or money orders must be signed and made payable to the Commonwealth of Pennsylvania.


    The following coins should be reported as collectible:
  • Coins dated prior to 1965
  • Kennedy half dollars dated 1970 or prior
  • Any coin containing gold


In addition, any coin(s) packaged in a way that would appear they have an additional value, probably do. Examples are sealed mint or proof packaging, or a coin “flip” holder. When in doubt, it is best to err on the side of caution.


Beer Keg Procedures

Beer kegs and/or taps should be returned to the distributor so the deposit on these items can be retrieved. The funds are then reportable to Treasury on your annual unclaimed property report.


Preparing Tangibles for Delivery

For each property that was entered into your unclaimed property report, there should be a corresponding bag/box associated with that specific individual. It is important that properties belonging to multiple owners are not mixed together in a single bag when delivering.


Example:

One owner has multiple items owed to him including money orders, savings bonds, jewelry, and cash. The items being reported in their physical form should be combined in one bag (or box if needed), labeled with the owner’s full name and the identifying information. Note that the cash is considered transmittable and should be converted into the total amount of the check.


All bags containing the items being reported can then be put into a box or boxes to be delivered to Treasury. Whether you are reporting electronically or manually, the AP-1 (below) form must be completed and placed inside the box along with the property. If you used the manual option, (using the TUP-40 form) that form must be included in the box as well. Please be sure to properly seal your box(es) prior to delivery.