Making the Most of Unclaimed Property in California

Locate unclaimed property of California to use in your business

Making the most of unclaimed property in California will require you to determine the holder of the property. Cities and counties may serve as custodians of unclaimed property until certain criteria are met. At that time, custodianship of the property is then turned over to the state. This allows claimants to search for their property in a central location.

CA state unclaimed property can be an inexpensive way to obtain business equipment as companies frequently lose property through misfortune or carelessness. The appropriate agency will require specific forms and procedures in order to approve your claim on the property. Unclaimed property generally falls into one of the following categories:

1. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.
2. California abandoned property that the original owner is unlikely to claim. This is commonly a wrecked vehicle or real estate with delinquent taxes, but may also include a treasure trove. Property owners usually have a superior claim to a treasure trove than a trespasser who discovers the property.
3. California state unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.
   

 

Find agencies that handle state of California unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try: The California State Controller's Office allows you to search for unclaimed property in California by name and city. The Sacramento County Finance Department retains possession of unclaimed property for one year before turning it over to the State Controller.

Learn more about the laws regarding California unclaimed properties

Each state has laws regarding the disposition of unclaimed property. These laws should specify the conditions that allow the state to assume custodianship of the property and any conditions that allow the property to revert to the state.
Try: The Treasurer for Nevada County has the complete text for Title 10 Chapter 7 which covers unclaimed property law in California. Blakeley & Blakeley provides an analysis of the Uniform Disposition of Unclaimed Property Act.

Buy a vehicle in a CA unclaimed property auction

Look at the various auctions that occur regularly throughout California if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.
Try: The Redding Police Department periodically releases unclaimed property for auction. The City of Torrance turns unclaimed vehicles over for auction when they are no longer needed as evidence.

 

• The process of turning over unclaimed property in California to the state is called escheatment and legal documents may therefore refer to the property as escheat. Businesses usually encounter escheat in the form of an unclaimed pay check and are generally required to make a good faith effort to find the owner.

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