Since taking office on 2007…
By: Sher Hann
State Controller John Chiang has made returning property to rightful owners has been one of his top priorities, according to his web site. In fact, the State of California is currently holding more than $5.7 billion in unclaimed property belonging to some 11.6 million individuals and organizations.
California acquires unclaimed property through California’s Unclaimed Property Law, which requires “holders” such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller’s Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or moves and does not leave a forwarding address or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.
To check if you might have an unexpected windfall, go to http://scoweb.sco.ca.gov/UCP/Default.aspx.
My thanks to Courtney Kittner for this profitable tidbit.
And this just in: A colleague went to this site today and found $500!
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