2017 California Code
Code of Civil Procedure - CCP
PART 3 - OF SPECIAL PROCEEDINGS OF A CIVIL NATURE
TITLE 10 - UNCLAIMED PROPERTY
CHAPTER 7 - Unclaimed Property Law
ARTICLE 5 - Administration of Unclaimed Property
Section 1564.5.
(a) Notwithstanding any law, including, but not limited to, Section 1564, all money received under this chapter from funds held in an Interest on Lawyers’ Trust Account (IOLTA) that escheat to the state shall be administered as set forth in this section. The money shall be deposited into the Abandoned IOLTA Property Account, which is hereby established within the Unclaimed Property Fund.
(b) Twenty-five percent of the money in the Abandoned IOLTA Property Account shall be deposited into the IOLTA Claims Reserve Subaccount, which is hereby established within the Abandoned IOLTA Property Account. Funds in the subaccount shall, upon appropriation by the Legislature, be available to the Controller for the payment of all refunds, claims, and costs pursuant to this chapter related to escheated IOLTA funds.
(c) The balance of the funds in the Abandoned IOLTA Property Account, excluding funds in the subaccount, shall be transferred on an annual basis to the Public Interest Attorney Loan Repayment Account established pursuant to Section 6032.5 of the Business and Professions Code. Before making this transfer, the Controller shall record the name and last known address of each person appearing from the holders’ report to be entitled to the escheated property. The record shall be available for public inspection at all reasonable business hours.
(Added by Stats. 2015, Ch. 488, Sec. 2. (SB 134) Effective January 1, 2016.)
