CHAPTER 7. Unclaimed Property Law [1500. - 1582.]

Heading of Chapter 7 amended by Stats. 1968, Ch. 356.

§§ 1500–1582 · 61 sections

1. ARTICLE 1. Short Title; Definitions; Application §§ 1500–1506 · 8 sections

   • § 1500 This chapter may be cited as the Unclaimed Property Law.
   • § 1501 As used in this chapter, unless the context otherwise requires: (a) “Apparent owner” means the person who appears from the records of the holder to be entitled…
   • § 1501.5 (a) Notwithstanding any provision of law to the contrary, property received by the state under this chapter shall not permanently escheat to the state. (b) The…
   • § 1502 (a) This chapter does not apply to any of the following: (1) Any property in the official custody of a municipal utility district. (2) Any property in the…
   • § 1503 (a) As used in this section: (1) “Old act” means this chapter as it existed prior to January 1, 1969. (2) “New act” means this chapter as it exists on and…
   • § 1504 (a) As used in this section: (1) “Old act” means this chapter as it existed prior to January 1, 1969. (2) “New act” means this chapter as it exists on and…
   • § 1505 This chapter does not affect any duty to file a report with the State Controller or to pay or deliver any property to him that arose prior to January 1, 1969,…
   • § 1506 The provisions of this chapter as it exists on and after January 1, 1969, insofar as they are substantially the same as the provisions of this chapter as it…
2. ARTICLE 2. Escheat of Unclaimed Personal Property §§ 1510–1528 · 20 sections

   • § 1510 Unless otherwise provided by statute of this state, intangible personal property escheats to this state under this chapter if the conditions for escheat stated…
   • § 1511 (a) Any sum payable on a money order, travelers check, or other similar written instrument (other than a third-party bank check) on which a business…
   • § 1513 (a) Subject to Sections 1510 and 1511, the following property held or owing by a business association escheats to this state: (1) (A) Except as provided in…
   • § 1513.5 (a) Except as provided in subdivision (c), if the holder has in its records an address for the apparent owner, which the holder’s records do not disclose to be…
   • § 1514 (a) The contents of, or the proceeds of sale of the contents of, any safe deposit box or any other safekeeping repository, held in this state by a business…
   • § 1515 (a) Subject to Section 1510, funds held or owing by a life insurance corporation under any life or endowment insurance policy or annuity contract which has…
   • § 1515.5 Property distributable in the course of a demutualization or related reorganization of an insurance company is deemed abandoned as follows: (a) On the date of…
   • § 1516 (a) Subject to Section 1510, any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association for or to…
   • § 1516.5 (a) Pursuant to Section 1510, any digital financial asset held or owing by a business association escheats to the state if unclaimed by the owner for more than…
   • § 1517 (a) All property distributable in the course of a voluntary or involuntary dissolution or liquidation of a business association that is unclaimed by the owner…
   • § 1518 (a) (1) All tangible personal property located in this state and, subject to Section 1510, all intangible personal property, including intangible personal…
   • § 1518.5 (a) Subject to Section 1510, funds maintained in a preneed funeral trust or similar account or plan escheat to the state if, for more than three years after…
   • § 1519 All tangible personal property located in this state, and, subject to Section 1510, all intangible personal property, held for the owner by any government or…
   • § 1519.5 Subject to Section 1510, any sums held by a business association that have been ordered to be refunded by a court or an administrative agency including, but…
   • § 1520 (a) All tangible personal property located in this state and, subject to Section 1510, all intangible personal property, except property of the classes…
   • § 1520.5 Section 1520 does not apply to gift certificates subject to Title 1.4A (commencing with Section 1749.45) of Part 4 of Division 3 of the Civil Code. However,…
   • § 1521 (a) Except as provided in subdivision (b), and subject to Section 1510, all employee benefit plan distributions and any income or other increment thereon…
   • § 1522 No service, handling, maintenance or other charge or fee of any kind which is imposed because of the inactive or unclaimed status contemplated by this chapter,…
   • § 1523 If an insurer, after a good faith effort to locate and deliver to a policyholder a Proposition 103 rebate ordered or negotiated pursuant to Section 1861.01 of…
   • § 1528 This chapter does not apply to unclaimed funds held by a life insurance corporation which is organized or admitted as a domestic fraternal benefit society…
3. ARTICLE 3. Identification of Escheated Property §§ 1530–1533 · 7 sections

   • § 1530 (a) Every person holding funds or other property escheated to this state under this chapter shall report to the Controller as provided in this section. (b) The…
   • § 1531 (a) Within one year after payment or delivery of escheated property as required by Section 1532, the Controller shall cause a notice to be published in a…
   • § 1531.5 (a) The Controller shall establish and conduct a notification program designed to inform owners about the possible existence of unclaimed property received…
   • § 1531.6 (a) In addition to the notices required pursuant to this chapter, the Controller may mail a separate notice to an apparent owner of a United States savings…
   • § 1532 (a) Every person filing a report as provided by Section 1530 shall, no sooner than seven months and no later than seven months and 15 days after the final date…
   • § 1532.1 Notwithstanding Sections 1531 and 1532, property that escheats to the state pursuant to Section 1514 shall not be paid or delivered to the state until the…
   • § 1533 Tangible personal property may be excluded from the notices required by Section 1531, shall not be delivered to the Controller, and shall not escheat to the…
4. ARTICLE 4. Payment of Claims §§ 1540–1543 · 4 sections

   • § 1540 (a) Any person, excluding another state, who claims to have been the owner, as defined in subdivision (d), of property paid or delivered to the Controller…
   • § 1541 Any person aggrieved by a decision of the Controller or as to whose claim the Controller has failed to make a decision within 180 days after the filing of the…
   • § 1542 (a) At any time after property has been paid or delivered to the Controller under this chapter, another state is entitled to recover the property if: (1) The…
   • § 1543 Notwithstanding Section 1540, the Controller may do any of the following to streamline the secure payment of claims: (a) Minimize the number of documents a…
5. ARTICLE 5. Administration of Unclaimed Property §§ 1560–1568 · 10 sections

   • § 1560 (a) Upon the payment or delivery of escheated property to the Controller, the state shall assume custody and shall be responsible for the safekeeping of the…
   • § 1561 (a) If the holder pays or delivers escheated property to the State Controller in accordance with this chapter and thereafter any person claims the property…
   • § 1562 When property other than money is delivered to the State Controller under this chapter, any dividends, interest or other increments realized or accruing on…
   • § 1563 (a) Except as provided in subdivisions (b) and (c), all escheated property delivered to the Controller under this chapter shall be sold by the Controller to…
   • § 1564 (a) All money received under this chapter, including the proceeds from the sale of property under Section 1563, shall be deposited in the Unclaimed Property…
   • § 1564.5 (a) Notwithstanding any law, including, but not limited to, Section 1564, all money received under this chapter from funds held in an Interest on Lawyers’…
   • § 1565 Any property delivered to the Controller pursuant to this chapter that has no apparent commercial value shall be retained by the Controller for a period of not…
   • § 1566 (a) When payment or delivery of money or other property has been made to any claimant under the provisions of this chapter, no suit shall thereafter be…
   • § 1567 The Director of Parks and Recreation may examine any tangible personal property delivered to the Controller under this chapter for purposes of determining…
   • § 1568 (a) The Controller may select one or more custodians for the management and safekeeping of digital financial assets that have escheated to the state. Any…
6. ARTICLE 6. Compliance and Enforcement §§ 1570–1577.5 · 9 sections

   • § 1570 The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment…
   • § 1571 (a) The Controller may at reasonable times and upon reasonable notice examine the records of any person if the Controller has reason to believe that the person…
   • § 1572 (a) The State Controller may bring an action in a court of appropriate jurisdiction, as specified in this section, for any of the following purposes: (1) To…
   • § 1573 The State Controller may enter into an agreement to provide information needed to enable another state to determine unclaimed property it may be entitled to…
   • § 1574 At the request of another state, the Attorney General of this state may bring an action in the name of the other state, in any court of appropriate…
   • § 1575 (a) If the State Controller believes that a person in another state holds property subject to escheat under this chapter and the courts of this state cannot…
   • § 1576 (a) Any person who willfully fails to render any report or perform other duties, including use of the report format described in Section 1530, required under…
   • § 1577 (a) In addition to any damages, penalties, or fines for which a person may be liable under other provisions of law, any person who fails to report, pay, or…
   • § 1577.5 (a) This section shall be known, and may be cited, as the “California Voluntary Compliance Program.” (b) The Controller may establish a program for the…
7. ARTICLE 7. Miscellaneous §§ 1580–1582 · 3 sections

   • § 1580 The State Controller is hereby authorized to make necessary rules and regulations to carry out the provisions of this chapter.
   • § 1581 (a) Any business association that sells in this state its travelers checks, money orders, or other similar written instruments (other than third-party bank…
   • § 1582 (a) (1) An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 is invalid if either of the following…