Management of Unclaimed PropertySale Or Disposal of Property
Section § 1370
This law gives the Controller the authority to sell or lease items that belong to the state at any time and in whatever way seems best. The Controller can handle the paperwork for these transactions in the State of California's name.
Section § 1371
This law allows the Controller to manage and dispose of different types of property and financial assets. This includes selling, exchanging, settling debts, or taking other actions that are seen as necessary to protect the interests of everyone involved, including the state's interests.
Section § 1372
The Controller has the authority to sign important documents, like securities or bills of sale, on behalf of the State. Once the Controller signs them, these documents are considered legally binding for the State and anyone with a claim to the property involved.
Section § 1373
This law allows the Controller to sell or lease real property at a public auction to the highest bidder. Before the sale or lease, a notice must be published in a local newspaper, detailing the property for identification. If there's no newspaper in that county, it can be published in a nearby county. Costs for publishing the notice are deducted from the proceeds of the sale or lease, or it becomes a public expense if no sale or lease happens. For properties valued at $1,000 or less, a simpler notice requirement applies.
Section § 1374
This law allows the Controller to refuse any offers made during sales or auctions happening under this chapter's rules, meaning the Controller has the authority to say no to any bid if they choose.
Section § 1375
The Controller can sell or lease real estate privately without having to announce it publicly beforehand.
Section § 1376
This section explains that when the sale of property is completed, the Controller of California will officially transfer ownership by signing a deed for real estate and a bill of sale for personal items, both on behalf of the state. They can also create lease agreements for these properties if needed.
Section § 1377
This law says that the Controller cannot make any deals that would create new obligations for the people who own, inherit, or claim rights to a piece of property, unless those obligations were already in place before the deal was finalized.
Section § 1378
Section § 1379
This law says that if the California Controller decides any personal items (not cash) held by the state are worthless or cheaper to throw away than sell, they can get rid of it. The Controller and Treasurer won't be held responsible if someone claims they lost out because of this decision.
Section § 1380
This law states that whenever the Controller conducts sales, trades, or similar transactions under this chapter, they do not have to follow the rules set out in Section 11009 of the Government Code.
Section § 1381
This law says that once the Controller sells, leases, or makes any deals regarding property, those deals are final and cannot be disputed by anyone. The only exception is if someone buys or claims an interest in the property in good faith, pays a fair price, and records the purchase or claim first in writing.
Section § 1382
This section says that the state of California can sell real property that it has acquired through a court order, as long as the property is held in the Unclaimed Property Fund. However, it does not cover the sale of land that the state obtained because someone didn't pay their taxes.