Unclaimed Property in California Basics

Locate CA unclaimed property for your business

Unclaimed property in California basics include the fact that a financial asset that has been abandoned for a certain amount of time may be considered unclaimed property. Businesses, such as financial institutions, may hold unclaimed property for a specified period of time before turning it over to the state of California. The period of time that a business may retain this property is known as the abandonment period.

The state must attempt to locate the owners of California state unclaimed property. These methods are specified by law and typically include mailing letters to the last known address of the owner and taking out advertisements in local newspapers. There are generally three types of information sources on unclaimed property in California:

1. Government websites. These sources of California abandoned property have official information on recovering unclaimed property in California.
2. Commercial websites. These sources may be commercial sites that sell unclaimed property services and also provide a summary of California unclaimed property.
3. Websites of local governments. Counties in California may attempt to locate the owners of unclaimed property on their own before handing it over to the state.
   

 

Find state agencies that deal with CA unclaimed property

The state of California administrates unclaimed property that it receives from businesses and government entities throughout the state. California also has specific laws that regulate unclaimed property.
Try: The California State Controller's Office provides a FAQ for recovering unclaimed property in California. The Bay Area Homeless Alliance has a summary on the administration of unclaimed property in California.

Learn about California unclaimed properties from private sources

There are many businesses that provide searches of unclaimed property of California. While these companies may charge a fee for these services, they often provide free information about unclaimed property in California.
Try: KPMG provides specific information on unclaimed property reporting requirements in California. Abundant Blessings Unclaimed Property has basic facts on California unclaimed property and also provides a list of companies in California with unclaimed property.

Look for state of California unclaimed property in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Try: The City of Redding Police Department generally conducts online auctions of unclaimed property after 90 days. The tax collector of Nevada County keeps a list of unclaimed property due to estate heirs.

 

• A treasure trove is a specific type of CA state unclaimed property in which currency is intentionally hidden by the owner. In order to be a treasure trove, the property must have been hidden sufficiently long ago that the owner is assumed to be dead or cannot be located. American common law generally holds that a treasure trove belongs to the finder.

Copyright © 2011 Business.com, Inc. All Rights Reserved.

---