California Code of Civil Procedure 1501.5 – (a) Notwithstanding any provision of law to the contrary, …
(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 Legislature finds and declares that this section is declaratory of the existing law and sets forth the intent of the Legislature regarding the Uniform Disposition of Unclaimed Property Act (Chapter 1809, Statutes of 1959) and all amendments thereto and revisions thereof. Any opinions, rulings, orders, judgments, or other statements to the contrary by any court are erroneous and inconsistent with the intent of the Legislature.
Terms Used In California Code of Civil Procedure 1501.5
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Property: includes both personal and real property. See California Code of Civil Procedure 17
- State: includes the District of Columbia and the territories when applied to the different parts of the United States, and the words "United States" may include the district and territories. See California Code of Civil Procedure 17
- Will: includes codicil. See California Code of Civil Procedure 17
(c) It is the intent of the Legislature that property owners be reunited with their property. In making changes to the unclaimed property program, the Legislature intends to adopt a more expansive notification program that will provide all of the following:
(1) Notification by the state to all owners of unclaimed property prior to escheatment.
(2) A more expansive postescheatment policy that takes action to identify those owners of unclaimed property.
(3) A waiting period of not less than seven years from delivery of property to the state prior to disposal of any unclaimed property deemed to have no commercial value.
(Amended by Stats. 2014, Ch. 913, Sec. 10. (AB 2747) Effective January 1, 2015.)