If the escheator leases property remaining in his hands, he shall notify and transmit a copy of such lease, if in written form, to the State Treasurer within thirty days and remit the rent proceeds to the State Treasurer as they are received. In either case the escheator shall be answerable, as the right may be determined, to the claimant or to the Commonwealth for the rents and profits thereof and that the same shall be kept free from waste and destruction. Where the escheator deems that reasonable business practice would require that insurance be obtained on such income-producing property, he shall obtain insurance coverage on the escheated property after having first obtained the approval of the State Treasurer therefor.

History

Code 1919, § 501; 1977, c. 583; 1982, c. 486; 1984, c. 315.