It is the purpose of this title to provide for the receipt, custody, investment, management, disposal, escheat and permanent escheat of various classes of unclaimed property, to the possession of which the State is, or may become, entitled under the provisions of this title or under other provision of law.
General ProvisionsPurpose and Scope
Section § 1305
This law section outlines how the state of California will handle unclaimed property. This includes taking possession, managing it, and ultimately determining if the property should belong to the state permanently if it remains unclaimed.
unclaimed property state custody investment
Section § 1306
This law states that if the State of California or any of its officers is holding money or property as a trustee or bailee under a specific contract, the rules in this title don't apply.
The provisions of this title do not apply to money or other property held by the State or any officer thereof as trustee or bailee under the terms of an express contract to which the State or any officer thereof is a party.
trustee bailee express contract
