Management of Unclaimed PropertyGeneral Provisions

Section § 1360

Explanation

This section defines different types of property as they relate to unclaimed property laws. Personal property and real property both refer to anything considered unclaimed. The term 'securities' covers a wide range of financial instruments like stocks and bonds, also as unclaimed property.

For the purposes of this chapter, the following definitions shall apply:
(a)CA Civil Procedure Code § 1360(a) “Personal property” means personal property falling within the definition of “unclaimed property” under the provisions of this title;
(b)CA Civil Procedure Code § 1360(b) “Real property” means real property falling within the definition of “unclaimed property” under the provisions of this title;
(c)CA Civil Procedure Code § 1360(c) “Securities” includes stocks, bonds, notes, debentures, certificates of deposit, shares, and all other evidences of ownership or indebtedness, and all forms of chose in action and the interests in property represented thereby, falling within the definition of unclaimed property under the provisions of this title.
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Section § 1361

Explanation

This law section explains that when property is handed over to the California Treasurer or Controller, the state takes responsibility for looking after it. The state also has to pay any valid claims on this property, but they can deduct certain legal costs first.

The care and custody of all property delivered to the Treasurer or Controller pursuant to this title is assumed by the State for the benefit of those entitled thereto, and the State is responsible for the payment of all claims established thereto pursuant to law, less any lawful deductions.
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