Unclaimed Property Reporting Resources
Description
Holders of Unclaimed Property include business associations, banking and financial organizations, life insurance corporations, and other entities holding property belonging to another person. By law, holders are required to review their records each year to determine if they hold any property, whether tangible or intangible, that has remained unclaimed for the required dormancy period. Once property has remained unclaimed for the required dormancy period, it becomes reportable.
Phone: 916-464-6268
Frequently Asked Questions
How Does The State Get Unclaimed Property?
What is Unclaimed Property?
Unclaimed Property is generally defined as any financial asset that has been left inactive by the owner for a period of time specified in the law, generally three (3) years. The California Unclaimed Property Law does NOT include real estate. Unused gift certificates are also generally excluded from unclaimed property and are not sent to the State as unclaimed property. The most common types of Unclaimed Property are:
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed cashier’s checks and money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Estates
- Mineral interests and royalty payments
- Trust funds and escrow accounts
Why Does California Have An Unclaimed Property Law?
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Keywords
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