Unclaimed Property Law California
There are several Unclaimed Property components. This article will help you understand what you need to know about Unclaimed Property.
Unclaimed Properties are assets whose owners have not accessed their property generally for at least 3 years. These funds have been turned over to the state government by the holder (banks, insurance companies, pensions, escrow companies, investment firms, etc.). To recover these funds, owners, heirs, or their representatives must file a claim with the government.
Read on to learn more about Unclaimed Property.
What is Unclaimed Property?
Unclaimed Property, is also called, State Funds, Unclaimed Money, Surplus Funds, or Overages. These are monies or properties that have been turned over to the appropriate government agency for safe-keeping, after they are considered to have been abandoned by their respective owners.
Common examples of Unclaimed Property are savings accounts, checking accounts, certified checks, uncashed checks, security deposits, refunds, and wages.
Additional examples of Surplus Funds appear below.
| Examples of Unclaimed Property Items | |
| Aggregate account | Liquidating fund earnings |
| Annuities | Liquidating funds – securities |
| Bond Interest | Liquidating funds |
| Cash in lieu of fractional shares | Matured/terminated policies |
| Cashier’s/certified checks | Mineral proceeds |
| Checking accounts/demand deposits | Money Orders |
| Christmas club accounts | Municipal bond earnings |
| Collections | Municipal bonds |
| Commissions | Mutual Funds earnings/money market fund earnings |
| Court Settlements | Mutual funds/money market funds |
| Credit balances | Refunds |
| Death benefits | Rights |
| Debentures or bonds | Safe-deposit box contents |
| Dividends | Safekeeping items |
| Earthquake Insurance Refunds | Saving accounts/credit union accounts |
| Endowments | Saving bonds |
| Escrow checks/deposits/dispute | Securities |
| Garnishments | Securities exchanged for cash |
| Gift Certificates | Shares exchanged for shares |
| Inmate trust funds | Time deposits/CD accounts |
| Insurance claims checks | Traveler’s checks |
| Insurance premiums | Trust |
| Interest checks | Units |
| IRAs – securities | Vendor payments |
| Layaway Deposits | Warrants |
Understand Unclaimed Property Law California:
In California, the Unclaimed Property Law does not include real estate. Unused gift certificates are also excluded from Unclaimed Property and are not submitted to the state as Unclaimed Property.
Which States Have The Most Unclaimed Property?
The most populous states like California, Texas, and New York have much more unclaimed money than states like New Hampshire and North Dakota.
According to a KCRA-TV 3 (NBC) news report, on September 23, 2022. The California State Controller’s Office, affirms they’re holding Unclaimed Property valued at $11.2 billion, as of the 2020-2021 fiscal year. In comparison, the states of New Hampshire and North Dakota have $18.5M and $29M, respectively.
As of 2020, the United States had a total value of $49.5 Billion Dollars of unclaimed property. The United States northeast corner has three of the top five states and five of the top ten states that have the largest amount of unclaimed property.
| Top 20 States With Unclaimed Property | ||
| Rank | State | Total Unclaimed Property |
| 1 | New York | 16,500,000,000 |
| 2 | California | 11,200,000,000 |
| 3 | Texas | 5,600,000,000 |
| 4 | New Jersey | 4,000,000,000 |
| 5 | Pennsylvania | 3,400,000,000 |
| 6 | Massachusetts | 3,000,000,000 + |
| 7 | Illinois | 3,000,000,000+ |
| 8 | Ohio | 2,600,000,000 |
| 9 | Florida | 2,000,000,000 |
| 10 | Virginia | 2,000,000,000 |
| 11 | Arizona | 1,534,930,705 |
| 12 | Maryland | 1,600,000,000 |
| 13 | Washington | 1,130,000,000 |
| 14 | Missouri | 988,000,000 |
| 15 | Michigan | 950,240,404 |
| 16 | Nevada | 950,000,000 |
| 17 | Connecticut | 915,000,000 |
| 18 | Tennessee | 890,000,000 |
| 19 | Minnesota | 700,000,000 |
| 20 | Oklahoma | 700,000,000 |
How To Find Unclaimed Property
You can find a list of Unclaimed Properties online via your state government, or the federal government.
In California, the most current information, which is updated weekly, about abandoned property records is accessible using the State Controller’s Office (SCO).
More than 80,000 people in the USA, have not claimed their pension benefits. Here are the top ten states from 2018.
In million US dollars
source: https://www.pbgc.gov/about/budget-performance-and-planning/statebystate
Billions of dollars are unclaimed according to the National Association of Unclaimed Property Administrators (NAUPA). Here are some federal agencies that have the most amount of unclaimed funds.
In million dollars
*Treasury Department = $17 Billion
How Do I Know If I Have Unclaimed Property?
Many states have searchable online databases where you can instantly find out if the state is holding Unclaimed Property or money in your name. If you live in a state or have resided in a state, that doesn’t have an online searchable database. Call your state treasury department and request that they search for you, or direct you.
The best place to start searching is through the government unclaimed property websites, a multi-state database, or the state-by-state National Association of Unclaimed Property Administrators (NAUPA).
When looking for your name, consider using all potential variations, such as prior maiden or married names, middle names, initials, nicknames, and common misspellings. Look for information in the state(s) where you or your relatives have lived through time. You may be eligible to recover unclaimed property owed to heirs in some situations.
If you are in California, or suspect that you have Unclaimed Property in California, you can search the website of the State Controller’s Office (SCO) to see if they are holding Unclaimed Property for you.
If the information you supply matches, possible ownership may be established by the SCO.
How To File A Claim For Unclaimed Property
The process of recovering unclaimed or abandoned property, from a deceased person, mortgage funds, or tax funds, all differ from each other. The only thing that is similar, is that they have a systematic approach that is time-consuming due to the amount of paperwork and the verification required.
Abandoned property
To claim abandoned property in the state of California, according to the State Controllers Office, one must submit a claim package. Which is a package of multiple documents that are submitted to SCO to confirm ownership, and to validate the request for payment of the unclaimed property. The claim submission package includes an Investigator Agreement signed and dated by the Investigator (your representative), and each claimant. The claim package also includes an abandoned property claim form, a document verifying the claimant’s current address, proof of the claimant’s social security number/ tax identification number, and government identification of the claimant, via state driver’s license, state ID, or passport. There may be other documents required, as each type of property has its own required list of required documentation for the recovery of the property.
If one fails to include all of the documents required to validate a claim, the claim package may be returned to the claimant or Investigator with a letter describing the additional required documentation.
The table below will include the documentation required according to the property type. Note that only one of the documents listed for the property type may be needed.
| Document Needed By The Property Type | |
| Property Type | Documents |
| Savings or Checking Account | Account statement, Bank passbook, correspondence from the bank that displays the account number |
| Stocks, Dividends, Bonds, or Debentures | Original stock certificate, Original dividend check, Original bond Original debenture |
| Account statement | Verification of occupancy at the registered address, proof of purchase, and Canceled dividend check – May only be allowed by the SCO if the original certificate is not available |
| Life Insurance Accounts | Insurance policy Insurance statement |
| Escrow accounts | Buyer/seller closing statement, Proof of residency or occupancy at the address shown on the property as reported to the SCO if the statement is not available |
| Negotiable instruments, Certified checks, Money orders, or Travelers Checks | The original instrument, Declaration of loss under Commercial Code Sec 3312 If the original instrument is not available |
| Safe-deposit box contents | Account statement, Proof of residence, **Proof of association with the reporting agency if statement is not available and if proof of residence is not available |
| Social security verification | Social security card, Income tax return, W-2 form, Pay voucher or pay stub |
| Non-English documents | Authentic translation from the embassy with embassy seal, or a translation done by a certified translator. |
To submit a claim package to the SCO, it can be done by three methods:
Via U.S. Mail
State Controller’s Office
Unclaimed Property Division
Consumer Services Unit
P. O. Box 942850
Sacramento, CA 94250-5873
Via expedite/Overnight delivery or via in-person delivery
State Controller’s Office
Unclaimed Property Division
10600 White Rock Road, Suite 141
Rancho Cordova, CA 95670 Upon receipt of the required paperwork substantiating the claim, the SCO will review it and approve or deny it as soon as possible.
The SCO must accept a claim package within 180 days of receiving all required and submitted documentation. One of the following statuses will be assigned to the claim as it is processed; Received, Approved, Paid, or Dropped.
How Long Do States Hold Unclaimed Property?
The holding period varies from state to state.
California Unclaimed Property Law
To safeguard customers, the California Unclaimed Property Law was enacted. It bans unclaimed property holders (banks, insurance companies, escrow companies, retailers, etc.) from holding your money and utilizing it as profit.
The law gives Californians a single point of contact, the State Controller’s Office, to check for unclaimed property that may be reported by businesses across the country, and allows the State to return property, or the net proceeds from any legally required sale of the property, to its rightful owner or heirs.
Conclusion
You can check your state’s or county’s online database of unclaimed property to determine if you have Unclaimed Property in your name. If your state or county does not have a database available to the public, you can call the agency holding your funds and ask if they can search for you.
You can complete the entire recovery process on your own, but hiring an experienced Registered Investigator can help ensure you recover your funds as soon as possible. A Registered Investigator can guide you throughout the recovery process. They can give you tips and handle all of the paperwork for you. Working with an expert can help you efficiently claim and recover your money. No fee is paid to the Registered Investigator until the unclaimed money is disbursed to the claimant. MuleOne is a team of Registered Investigators and Heir Finders. We specialize in recovering only California Unclaimed Property. We’re the California Unclaimed Property experts. Call us today at 213-318-2130 to recover your unclaimed funds for you.
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