Management of Unclaimed Property

Code of Civil Procedure Part 3, Title 10, Chapter 4, Article 1 deals with general provisions related to the management of unclaimed property in this state.

Section 1360 defines the following terms: “personal property,” “real property,” and “securities.” Section 1361 provides that the care and custody of all property delivered to the Treasurer or Controller pursuant to this title is assumed by the State for the benefit of those entitled thereto, and the State is responsible for the payment of all claims established thereto pursuant to law, less any lawful deductions.

Article 2 deals with the powers of the Controller. Section 1365 specifies that, in connection with all unclaimed property, the Controller has all of the powers necessary in order to safeguard and conserve the interests of all parties, including the State, having any vested or expectant interest in such unclaimed property. His powers include, but are not limited to, the authority to incur obligations the payment of which is authorized by law.