Unclaimed Property Law.

The Unclaimed Property Law provides that all tangible personal property located in this state, and, subject to specified conditions, all intangible personal property held for the owner by any government or governmental subdivision or agency, that has remained unclaimed by the owner for more than 3 years escheats to the state. Under existing law, a person who claims to have been the owner, as defined, of property paid or delivered to the Controller under that law may file a claim to the property or to the net proceeds from its sale. Existing law requires to Controller to consider each claim, as specified, to determine if the claimant is the owner. This bill would permit property reported to, and received by, the Controller in the name of a state or local agency, as defined, to be transferred by the Controller directly to that agency without the filing of a claim.