Unclaimed property: escheat to the state.

Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, as specified. Existing law requires the Controller, within 165 days of the final date for filing such a report, to mail a notice to each person who appears to be entitled to property valued $50 or more and whose address is listed in the report or is obtained from the Franchise Tax Board, as specified. This bill would provide that the notice described above need only be sent to an address listed in the report or obtained from the Franchise Tax Board when it is a valid deliverable address. The bill would specify that if the address listed in the report is not a valid deliverable address, but the Controller identifies a corrected valid deliverable address, the Controller must mail the notice to the corrected valid deliverable address. Under existing law, the Unclaimed Property Law, if the property holder does not claim or correspond regarding any dividend, distribution, or other item, as specified, held or owing to the holder by a business association, the item escheats to the state within 3 years after the date prescribed for payment or delivery of the item. Under existing law, any intangible interest in a business association escheats to the state if both (1) the interest in the association is owned by a person who for more than 3 years has neither claimed a dividend or other sum nor corresponded in writing or indicated an interest in the item, as specified, and (2) the association does not know the location of the owner at the end of the 3-year period. This bill would expand the provisions regarding the escheatment of intangible interests to include securities and inclu