The Controller shall deliver to the Treasurer the proceeds of any sale or lease of property, other than permanently escheated property, made pursuant to this chapter; and, on order of the Controller, the amount thereof shall be deposited in the Unclaimed Property Fund. Such amount shall be credited by the Controller to the account in said fund, in the name of which the property sold or leased was held. All moneys deposited in the Unclaimed Property Fund under the provisions of this section shall be held for the benefit of those entitled to claim the property sold or leased; but the period in which such moneys shall be available for claim by and payment to the persons
entitled thereto shall not extend beyond the period in which such property is available for claim and payment under the provisions of this title.
Management of Unclaimed PropertyDisposal of Proceeds of Sale Or Lease
Section § 1390
This section explains that when the state sells or leases property that isn't permanently taken over, the money from that sale goes to the Unclaimed Property Fund. The Controller keeps track of this money, and it's held for the benefit of whoever is entitled to claim the original property. However, people can only claim this money for as long as they could have claimed the property itself.
Unclaimed Property Fund sale proceeds property lease
Section § 1391
When the state permanently takes over a property (known as 'escheat'), and that property is sold or leased, the money made from that sale or lease is given to the Treasurer. Then, the money gets deposited into the state's General Fund. Once it's there, it is officially considered state property from the date the property was originally taken over.
The Controller shall deliver to the Treasurer the proceeds of any sale or lease of permanently escheated property made pursuant to this chapter; and, on order of the Controller, the amount thereof shall be deposited in the General Fund. All moneys deposited in the General Fund under the provisions of this section shall be deemed to have permanently escheated to the state as of the date of permanent escheat of the property from which such moneys were derived.
permanently escheated property sale or lease proceeds Controller
Section § 1392
If the state has taken over property from an estate due to certain laws, and then sells or handles that property, the money made goes back to the same estate. However, if the estate's property has permanently become state property because there are no rightful heirs, the money instead goes into a special state fund related to unclaimed estates.
The proceeds of any transaction by the Controller under the provisions of this chapter in connection with property received and held by the state under the provisions of Article 1 (commencing with Section 1440) of Chapter 6 of this title shall be credited by the Controller to the estate from which the property affected by the transaction was received; or, if such property has permanently escheated to the state, to the account in the General Fund to which the permanently escheated cash derived from estates of deceased persons is credited.
estate proceeds property transaction Controller
Section § 1393
This law says that when the state sells or deals with property it holds for people who can't be found (like heirs or people named in a will), the money from that transaction is set aside for those people. If the property has completely become state property because no one claimed it, the money goes into the state's General Fund.
The proceeds of any transaction by the Controller under the provisions of this chapter, in connection with property received and held by the state under the provisions of Article 1 (commencing with Section 1440) of Chapter 6 of this title, for the benefit of unlocated heirs, devisees or legatees of estates of deceased persons, shall be credited by the Controller to such heirs, devisees or legatees of the property affected by such transaction; or, if such property has permanently escheated to the state, to the account in the General Fund to which the permanently escheated cash derived from estates of deceased persons is credited.
unlocated heirs devisees legatees
Section § 1394
This law explains what happens to the money or benefits from property transactions that the state controller handles. If the property is meant to go to certain people, the controller will make sure they get the money. However, if the property is officially taken over by the state, known as escheating, the money goes into a specific account in the state's General Fund.
The proceeds of any transaction by the Controller under the provisions of this chapter in connection with property received and held by the state under the provisions of this title, for the benefit of the persons entitled thereto, shall be credited by the Controller to such persons; or, if the property affected by such transaction has permanently escheated to the state, to the account in the General Fund in the name of which such permanently escheated property was recorded.
Controller proceeds transaction
