Deposit of Unclaimed Property in California

Code of Civil Procedure Part 3, Title 10, Chapter 2, Article 1 deals with the deposit of unclaimed property in California.

Section 1310 provides that, whenever unclaimed money or other unclaimed property is payable into the State Treasury, the person responsible for making the payment must, if it is cash, transmit it to the Treasurer, and if it is personal property other than cash, transmit it to the Controller for deposit in the State Treasury.

Section 1311 states that any person transmitting money or other property to the Treasurer or Controller under the provisions of this title is required, at the time of such transmittal, furnish written notice thereof to the Controller, setting forth required information.

Section 1312 provides that, whenever money or other property is paid to the State or any officer or employee under the provisions of this title, and the money or other property has been covered by a decree of distribution in a decedent’s estate, the Treasurer or Controller must furnish to the Controller a certified copy of each court order or decree, and of each court order correcting or amending the same, covering such money or other property.

Section 1313 created the fund in the State Treasury, which is known as the Unclaimed Property Fund. All money, except permanently escheated money, paid to the state or any officer or employee thereof for deposit in the State Treasury under the provisions of this title is to be deposited in the Unclaimed Property Fund.

Section 1314 requires the Controller to maintain a separate account in the Unclaimed Property Fund covering the accountability for money deposited in the Unclaimed Property Fund. All real and personal property distributed to the State or delivered into the possession of the State or any officer or employee under the provisions of this title, is to be accounted for by the Controller.

Section 1315 states that, if unclaimed money or other property in an estate of a deceased person, or if any unclaimed amount payable pursuant to an allowed and approved claim against such an estate, is received by the State or any officer or employee thereof and deposited in the State Treasury under the provisions of this title, it must be recorded on the books of the Controller to the credit.

Section 1316 specifies that, if unclaimed money or other property is received by the State or any officer or employee thereof and deposited in the State Treasury under the provisions of this title for the benefit of known heirs, devisees, legatees or creditors of an estate of a deceased person, or for the benefit of known claimants, payees, or other persons entitled thereto, it is then to be recorded on the books of the Controller to the credit, or in the name, of such heirs, devisees, legatees, creditors, claimants, payees, or other persons entitled thereto.

Section 1317 states that the amount of each canceled warrant credited to the Unclaimed Property Fund are to be transferred to the General Fund.

Section 1318 provides that all interest received and other income derived from the investment of moneys in the Unclaimed Property Fund, on order of the Controller, are to be deposited in the General Fund.

Section 1319 specifies that all rents, interest, dividends or other income or increment derived from real or personal property received and held by the State in the name of the Unclaimed Property Fund under the provisions of this title requires, on order of the Controller, to be deposited in the Unclaimed Property Fund.

Section 1320 states that all rents, interest, dividends or other income or increment derived from real or personal property that has permanently escheated to the state, must be, on order of the Controller, be deposited in the General Fund. All moneys deposited in the General Fund under the provisions of this section are deemed to have permanently escheated to the state as of the date of permanent escheat of the property from which such moneys were derived.

Section 1321 requires any person delivering money or other property to the Treasurer or Controller under the provisions of this title, upon delivery, be relieved and held harmless by the State from all or any claim or claims which exist at that time with reference to such money or other property, or which may thereafter be made, or which may come into existence, on account of, or in respect to, such money or other property.

No action is to be maintained against any person who is the holder of the money or other property, nor against any officer as agent thereof, for two specified matters. The terms “person” and “holder” are defined.