§ 1530.Report Required By Persons Holding Funds Or Other Property Escheated to State

Before the state can return unclaimed property to its owner, it first needs to know the property exists, and Section 1530 is what puts that information in the Controller's hands. Every holder of property that has escheated under this chapter must file a report, on a form the Controller prescribes or approves, listing each apparent owner's name and last known address when the property is worth at least twenty-five dollars, along with a description of the property and the date it became payable, demandable, or returnable. Smaller items of intangible property can be lumped together in an aggregate figure rather than itemized one by one.

The report has to cover some situations that come up often in practice. If a bank or company inherited the property from an earlier holder, or changed its own name while holding it, the report must list those prior names and addresses too, so the Controller isn't left guessing about a chain of custody. Life insurance proceeds get their own reporting rule built around the insured or annuitant's name. And someone has to stand behind the report: an individual holder verifies it personally, a partner verifies for a partnership, an officer verifies for a corporation or association, and a public corporation's chief fiscal officer or an authorized employee verifies on its behalf. Most holders file by November 1 for the year ending the prior June 30, while life insurers and demutualization proceeds file by May 1 for the year ending the prior December 31, though the Controller can push either deadline back on request.