Unclaimed property.

(1) Existing law provides that the contents of a safe deposit box, or the proceeds of their sale, held in this state by a business association escheat to the state if unclaimed by the owner for more than 3 years, as specified. This bill would make a clarifying, technical change to this provision. (2) Existing law specifies the circumstances under which property held or owing by a business association escheats to the state, including funds the business association holds in a retirement account or plan. Existing law also specifies the circumstances under which tangible and intangible personal property, and income and increments to that property, held in a fiduciary capacity escheat to the state if the owner fails to take certain actions within a period of 3 years after the property becomes payable or distributable to him or her. This bill would specify additional circumstances under which certain funds in retirement accounts and plans become due and payable for purposes of escheat and would exempt tangible or intangible property from escheating to the state if the fiduciary and owner of the property have taken certain actions regarding the property. (3) Existing law requires a person holding funds or other property escheated to the state to file a report with the Controller and to pay or deliver the escheated property to the Controller within a specified time, unless another person has established his or her right to any of the property specified in the report. Under existing law, the person holding the property is required to report that property to the Controller as well as any other property that does not appear to be subject to escheat. This bill would instead require the person holding the property to report to the Controller only the property subject to escheat. The bill would make additional technical changes. (4) Existing law requires that property delivered to the Controller that has no apparent commercial value be retained for a period of not less than 18 months from the date the property is delivered. This bill would require that this property be retained for a period of not less than 7 years.