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DELAWARE COUNTY v. FIRST UNION CORP.

No. 73 MAP 2008

992 A.2d 112 (2010)

DELAWARE COUNTY, Individually and on behalf of all others similarly situated, v. FIRST UNION CORPORATION, First Union National Bank, Individually and as Successors-In-Interest to Corestates Bank, NA, Corestates Financial Corp., First Pennsylvania Bank, Southeast National Bank of Pennsylvania, Delaware County National Bank, Philadelphia National Bank, Meridian Bank, First Fidelity Bank, NA, and John Doe Banks Nos. 1 Through 300. Appeal of First Union Corporation and First Union National Bank.

Supreme Court of Pennsylvania.

Decided April 28, 2010.

Attorney(s) appearing for the Case

William E. Mahoney, Thomas Walter Dymek, C. Clark Hodgson, Jr., Stradley, Ronon, Stevens & Young, L.L.P., Carl A. Solano, Schnader Harrison Segal & Lewis, L.L.P., Philadelphia, for First Union Corporation and First Union National Bank.

Marc L. Ackerman, Brodsky & Smith, L.L.C., Bala Cynwyd, Elizabeth Ann Berney, Milberg, Weiss, Bershad & Schulman, L.L.P., David R. Scott, Ronald G. Henry, Bryn Mawr, for Delaware County.

BEFORE: CASTILLE, C.J., SAYLOR, EAKIN, BAER, TODD, McCAFFERY, GREENSPAN, JJ.

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...

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