Law Offices of Connie Yi, PC
Tell Us About Your Case
888-312-6978
View Our Practice Areas

Unclaimed property in California: The Final Chapter

Rest assured, this is not the last post we will ever devote to unclaimed property. We are wrapping up this series with neither a bang nor a whimper, but we do have good news.

In our last post, we were talking about how much work the state will do to find the owner of unclaimed property transferred from holders (banks, insurance companies, etc.). In California, the state makes one effort to notify the owner and then waits, patiently, for the owner to come to the state.

The good news is that the state is just holding onto the property. The unclaimed property that the state receives at no time becomes the permanent property of the state.

The not-so-good news, however, is that the state is just holding onto the property for a little while: 18 months after the holder transfers it. After that, the Controller has the power to auction off the property. There is no requirement to do so, just the option. The proceeds from that sale then go into the state's Abandoned Property Account until the end of the month.

The funds in that account support the operations of the Unclaimed Property program, and that includes paying out to the owners or heirs if they come forward. At the end of the month, the Controller transfers all but $50,000 of the funds to the general fund.

This isn't chump change, either. The state estimates that it is holding in excess of $7 billion in Unclaimed Property that belongs to almost 28 million people and organizations.

Finally, unclaimed property does not always land at the State Controller's Office. The federal government has its own database of unclaimed property, including tax returns. Estimates for this account run into the tens of billions of dollars.

Source: California State Controller's Office,Unclaimed Property Program FAQs, accessed March 6, 2015

No Comments

Leave a comment
Comment Information

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

Office Locations

Law Offices of Connie Yi, PC
323 Ray Street
Pleasanton, CA 94566

Phone: 925-484-0888
Pleasanton Law Office Map

San Mateo
1900 S. Norfolk Street, Suite 350
San Mateo, CA 94403

Phone: 415-433-3350
Map & Directions

San Francisco
490 Post Street, Suite 508
San Francisco, CA 94102

Toll Free: 888-312-6978
Phone: 415-433-3350
San Francisco Law Office

Sunnyvale
1250 Oakmead Pkwy, Suite 210
Sunnyvale, CA 94085

Toll Free: 888-312-6978
Map & Directions