Unclaimed property escheats to the state of California after seven years of inactivity.

California SB1066 amends the Code of Civil Procedure to clarify the escheatment of unclaimed property. Property escheats to the state if unclaimed for over seven years, including bank accounts, digital financial assets, and other financial interests. Business associations and financial organizations must notify owners of impending escheat and allow them to claim their property. Certain property, like military awards and preneed funeral trusts, has specific escheat rules. The Controller manages escheated property and may convert digital assets to fiat currency.

Unclaimed property escheats to the state of California after seven years of inactivity.

California SB1066 amends the Code of Civil Procedure to clarify the escheatment of unclaimed property. Property escheats to the state if unclaimed for over seven years, including bank accounts, digital financial assets, and other financial interests. Business associations and financial organizations must notify owners of impending escheat and allow them to claim their property. Certain property, like military awards and preneed funeral trusts, has specific escheat rules. The Controller manages escheated property and may convert digital assets to fiat currency.