This law talks about what happens when property that has been unclaimed ('escheated property') is turned over to the state. Once the property, like money or personal items, is given to the Controller (a government official), California is responsible for looking after it. If someone hands over this property, they are no longer liable for it if they tried to inform the owner beforehand. If the original property holder needs to get reimbursed because they paid someone they thought was entitled to the property, they can do so by showing proper proof. Even if the claim is very old, the property holder can still get their money back. Also, if they gave the Controller any physical items or certificates and these are still with the Controller, they can ask to get these back. This includes money from special accounts like funeral trusts once the services are completed. The law takes effect from January 1, 2023.

This law explains what happens when property is given to California's State Controller under escheat laws, which are rules about unclaimed or abandoned property. If the property is mistakenly given, or someone else claims it, the State Controller will protect the original holder from any claims and cover any liabilities. If the property was given by mistake (either by misunderstanding the law or facts), and it hasn't been disposed of, the State Controller will return it without charging any fees. "Escheated property" refers to property that should go to the state even if another state might have had a better claim to it.

If you have property (not money) sent to the California State Controller, any earnings like dividends or interest made before it's turned into cash will be added to your account. But, you won't get any extra income from the money or property while it's with the State Controller. Any interest earned from investing this unclaimed money will be moved to the state's General Fund.

This law outlines how escheated property, which is unclaimed property that reverts to the state, should be sold by California's Controller. Generally, it must be sold at a public auction or online after 18 months and notice must be published in a local newspaper. Securities (like stocks) listed on a stock exchange are sold at market prices within 18-20 months, and military-related items can be kept at the California State Military Museum. Buyers get clear ownership of items, free from previous claims.

This section explains how money from unclaimed or abandoned property is managed in California. All funds collected go into a special account called the 'Abandoned Property Account.' The money can be used by the Controller for several purposes, such as paying valid claims, refunding mistaken deposits, covering costs related to managing the property, and transferring funds to other state accounts like the General Fund or Inheritance Tax Fund. Any excess over $50,000 is transferred monthly to the General Fund. The Controller also keeps a record of those entitled to the property, and this information is public.

This section explains how money received from escheated Interest on Lawyers’ Trust Accounts (IOLTA), which goes to the state, is managed. The money is put into a special account called the Abandoned IOLTA Property Account. A quarter of this money goes into a subaccount specifically set aside for claims and refunds related to these escheated IOLTA funds. The rest of the money is then moved each year to help pay off loans for public interest attorneys. Before transferring these funds, officials must keep a record of who originally owned the escheated funds, which anyone can look at during normal business hours.

This law says that if the Controller receives property with no clear value, they must keep it for at least seven years. After that, if the property still seems worthless, the Controller can destroy or get rid of it in some other way. No one can sue the state or its officers for disposing of the property in this manner.

Once the state has paid out money or handed over property to a claimant, no one else can sue the state or its employees for that same property. Also, except in certain cases, you can't sue the state or its employees for any deals made by the State Controller under this chapter.

This law allows the Director of Parks and Recreation to check any personal property handed over to the Controller to see if it can be used for park purposes as described in another law. If the property is useful, the Controller can give it to the Director to use. Once the use is over, the Director must return the property to the Controller.