California’s Unclaimed Property Law

Part 3, Title 10, Chapter 7 of the Code of Civil Procedure contains the Unclaimed Prperty Law. Article 1 provides general provisions. Section 1500 named the act the Unclaimed Property Law.

Section 1501 defines the following terms: “apparent owner,” “banking organization,” “business association,” “financial organization,” “holder,” “life insurance corporation,” “owner,” “person,” “employee benefit plan distribution” and “residuals.”

Section 1501.5 provides that property received by the state under this chapter does not permanently escheat to the state.

Section 1502 specifies that this chapter does not apply to three types of specified property.

Section 1503 defines the following terms: “escheat period, “old act,” “new act,” and “property not subject to the old act.”

Section 1504 defines the terms “old act,” “new act,” and “property not subject to the old act.”