The California State Controller John Chiang recently has announced that the state is in possession of $5.7 billion of assets from over 11.6 million individuals and organizations that has gone unclaimed for years.
Per state law, California businesses must turn-over to the state controller assets once there have been no contact with the rightful owner for over 3 years---In some cases, the owner died and the heirs have no idea about the asset---So you should also search under the names of deceased loved ones.
The most common types of Unclaimed Property in California are:
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed cashier's checks or money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Mineral interests and royalty payments, trust funds, and escrow accounts.