Scott Symon
The State of California is currently in possession of more than $5.1 billion in Unclaimed Property belonging to approximately 8.2 million individuals and organizations.
The State acquires unclaimed property through California's Unclaimed Property Law, which requires "holders" such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller's Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or ...