Category: Unclaimed Property
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Unclaimed Property Records: What Holders Must Keep
California does not state a fixed retention period in the statute text we rely on, but a holder that cannot produce the records behind a filed report risks a 12 per cent annual interest…
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When Your Company’s EIN Changed: Finding Property Under the Old Name
When a company is acquired, the State Controller's unclaimed property records stay filed under the legal name reported at the time, not the acquirer's current federal tax ID. Finding that property means searching every…
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Why California Requires Notarized Unclaimed Property Claims
California requires notarization for any cash claim of $1,000 or more, and for every securities or safe deposit box claim regardless of value. The rule exists to confirm the claimant's true identity before the…
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The Two-Sided Business Audit for Unclaimed Property
A California business can turn up twice in the State's unclaimed property records: once as the rightful owner of old refunds, dividends or insurance proceeds, and once as a holder that failed to report…
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Suspended California Corporations and Unclaimed Property
A suspended California corporation may still appear on the State Controller's unclaimed property file, but the Controller will not release payment until the business is restored to active, good standing with the Franchise Tax…
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Owner of Record vs. Actual Owner: What the Name Really Means
Owner of record is the name a company or bank reported when it handed unclaimed property to California, not a verified current owner. It may be a maiden name, a renamed company, a deceased…
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The Unclaimed Property Liability You Inherit in an Acquisition
When a company acquires another, it also acquires that company's unclaimed property history: uncashed checks, dormant accounts, and any unreported liability now owed to the State, which accrues interest at 12 per cent per…
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California’s Two Unclaimed Property Reporting Calendars
California holders follow one of two reporting calendars. Life insurance companies file their notice report before 1 May and remit property between 1 and 15 December. Every other business files before 1 November and…
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Table of Heirship: What It Is and When You Need One
A Table of Heirship lists each heir's relationship to a deceased owner and their proportional share of an estate. It matters most when the estate was small enough to skip formal probate, typically $239,700…
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What California Does With Your Money While It Waits
California does not spend, invest, or time-limit unclaimed property. The State Controller holds it in custody under the property's reported dollar value, indefinitely, until the owner or their heirs file a claim. The only…
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