2005 California Code of Civil Procedure Sections 1530-1533 Article 3. Identification of Escheated Property

1530.  (a) Every person holding funds or other property escheated to
this state under this chapter shall report to the Controller as
provided in this section.
   (b) The report shall be on a form prescribed or approved by the
Controller and shall include:
   (1) Except with respect to traveler's checks and money orders, the
name, if known, and last known address, if any, of each person
appearing from the records of the holder to be the owner of any
property of value of at least fifty dollars ($50) escheated under
this chapter.
   (2) In the case of escheated funds of life insurance corporations,
the full name of the insured or annuitant, and his or her last known
address, according to the life insurance corporation's records.
   (3) In the case of the contents of a safe deposit box or other
safekeeping repository or in the case of other tangible property, a
description of the property and the place where it is held and may be
inspected by the Controller.  The report shall set forth any amounts
owing to the holder for unpaid rent or storage charges and for the
cost of opening the safe deposit box or other safekeeping repository,
if any, in which the property was contained.
   (4) The nature and identifying number, if any, or description of
any intangible property and the amount appearing from the records to
be due, except that items of value under fifty dollars ($50) each may
be reported in aggregate.
   (5) Except for any property reported in the aggregate, the date
when the property became payable, demandable, or returnable, and the
date of the last transaction with the owner with respect to the
property.
   (6) Other information which the Controller prescribes by rule as
necessary for the administration of this chapter.
   (c) If the holder is a successor to other persons who previously
held the property for the owner, or if the holder has changed his or
her name while holding the property, he or she shall file with his or
her report all prior known names and addresses of each holder of the
property.
   (d) The report shall be filed before November 1 of each year as of
June 30 or fiscal yearend next preceding, but the report of life
insurance corporations, and the report of all insurance corporation
demutualization proceeds subject to Section 1515.5, shall be filed
before May 1 of each year as of December 31 next preceding.  The
initial report for property subject to Section 1515.5 shall be filed
on or before May 1, 2004, with respect to conditions in effect on
December 31, 2003, and all property shall be determined to be
reportable under Section 1515.5 as if that section were in effect on
the date of the insurance company demutualization or related
reorganization.  The Controller may postpone the reporting date upon
his or her own motion or upon written request by any person required
to file a report.
   (e) The report, if made by an individual, shall be verified by the
individual; if made by a partnership, by a partner; if made by an
unincorporated association or private corporation, by an officer; and
if made by a public corporation, by its chief fiscal officer or
other employee authorized by the holder.
1531.  (a) Within one year after payment or delivery of escheated
property as required by Section 1532, the Controller shall cause a
notice to be published, in a newspaper of general circulation which
the Controller determines is most likely to give notice to the
apparent  owner of the property.
   (b) Each published notice shall be entitled "notice to owners of
unclaimed property."
   (c) Each published notice shall also contain a statement that
information concerning the amount or description of the property may
be obtained by any persons possessing an interest in the property by
addressing any inquiry to the Controller.
   (d) If an account paid or delivered to the Controller pursuant to
Section 1532 includes a social security number, the Controller shall
request the Franchise Tax Board to provide a current address for the
apparent owner on the basis of that number.  The Controller shall
mail a notice to the apparent owner for whom a current address is
obtained if the address is different than the address previously
reported to the Controller.
1532.  (a) Every person filing a report as provided by Section 1530
shall pay or deliver to the Controller all escheated property
specified in the report at the same time the report is filed.  On and
after January 1, 1997, a payment of unclaimed cash in an amount of
at least twenty thousand dollars ($20,000) shall be made by
electronic funds transfer pursuant to regulations adopted by the
Controller.
   (b) The holder of any interest under subdivision (b) of Section
1516 shall deliver a duplicate certificate to the Controller or shall
register the securities in uncertificated form in the name of the
Controller.  Upon delivering a duplicate certificate or providing
evidence of registration of the securities in uncertificated form to
the Controller, the holder, any transfer agent, registrar, or other
person acting for or on behalf of the holder in executing or
delivering the duplicate certificate or registering the
uncertificated securities, shall be relieved from all liability of
every kind to any person including, but not limited to, any person
acquiring the original certificate or the duplicate of the
certificate issued to the Controller for any losses or damages
resulting to that person by the issuance and delivery to the
Controller of the duplicate certificate or the registration of the
uncertificated securities to the Controller.
   (c) Payment of any intangible property to the Controller shall be
made at the office of the Controller in Sacramento or at another
location as the Controller by regulation may designate.  Except as
otherwise agreed by the Controller and the holder, tangible personal
property shall be delivered to the Controller at the place where it
is held.
   (d) Payment is deemed complete on the date the electronic funds
transfer is initiated if the settlement to the state's demand account
occurs on or before the banking day following the date the transfer
is initiated.  If the settlement to the state's demand account does
not occur on or before the banking day following the date the
transfer is initiated, payment is deemed to occur on the date
settlement occurs.
   (e) Any person required to pay cash by electronic funds transfer
who makes the payment by means other than an authorized electronic
funds transfer shall be liable for a civil penalty of 2 percent of
the amount of the payment that is due pursuant to this section, in
addition to any other penalty provided by law.  Penalties are due at
the time of payment.  If the Controller finds that a holder's failure
to make payment by an appropriate electronic funds transfer in
accordance with the Controller's procedures is due to reasonable
cause and circumstances beyond the holder's control, and occurred
notwithstanding the exercise of ordinary care and in the absence of
willful neglect, that holder shall be relieved of the penalties.
   (f) An electronic funds transfer shall be accomplished by an
automated clearinghouse debit, an automated clearinghouse credit, a
Federal Reserve Wire Transfer (Fedwire), or by an international funds
transfer.  Banking costs incurred for the automated clearinghouse
debit transaction by the holder shall be paid by the state.  Banking
costs incurred by the state for the automated clearinghouse credit
transaction may be paid by the holder originating the credit.
Banking costs incurred for the Fedwire transaction charged to the
holder and the state shall be paid by the person originating the
transaction.  Banking costs charged to the holder and to the state
for an international funds transfer may be charged to the holder.
   (g) For purposes of this section:
   (1) "Electronic funds transfer" means any transfer of funds, other
than a transaction originated by check, draft, or similar paper
instrument, that is initiated through an electronic terminal,
telephonic instrument, modem, computer, or magnetic tape, so as to
order, instruct, or authorize a financial institution to credit or
debit an account.
   (2) "Automated clearinghouse" means any federal reserve bank, or
an organization established by agreement with the National Automated
Clearing House Association, that operates as a clearinghouse for
transmitting or receiving entries between banks or bank accounts and
that authorizes an electronic transfer of funds between those banks
or bank accounts.
   (3) "Automated clearinghouse debit" means a transaction in which
the state, through its designated depository bank, originates an
automated clearinghouse transaction debiting the holder's bank
account and crediting the state's bank account for the amount of
payment.
   (4) "Automated clearinghouse credit" means an automated
clearinghouse transaction in which the holder, through its own bank,
originates an entry crediting the state's bank account and debiting
the holder's bank account.
   (5) "Fedwire" means any transaction originated by the holder and
utilizing the national electronic payment system to transfer funds
through federal reserve banks, pursuant to which the holder debits
its own bank account and credits the state's bank account.
   (6) "International funds transfer" means any transaction
originated by the holder and utilizing the international electronic
payment system to transfer funds, pursuant to which the holder debits
its own bank account, and credits the funds to a United States bank
that credits the Unclaimed Property Fund.
1532.1.  Notwithstanding Sections 1531 and 1532, property that
escheats to the state pursuant to Section 1514 shall not be paid or
delivered to the state until the earlier of (a) the time when the
holder is requested to do so by the Controller or (b) within one year
after the final date for filing the report required by Section 1530
as specified in subdivision (d) of Section 1530.  Within one year
after receipt of property as provided by this section, the Controller
shall cause a notice to be published as provided in Section 1531.
1533.  Tangible personal property may be excluded from the notices
required by Section 1531, shall not be delivered to the State
Controller, and shall not escheat to the state, if the State
Controller, in his discretion, determines that it is not in the
interest of the state to take custody of the property and notifies
the holder in writing, within 120 days from receipt of the report
required by Section 1530, of his determination not to take custody of
the property.