§ 1564.Money Received Deposited In Abandoned Property Account In Unclaimed Property Fund

Title 10. Unclaimed Property · Chapter 7. Unclaimed Property Law · Article 5. Administration of Unclaimed Property · Last amended 1994 · Last verified July 29, 2026

In one sentenceSection 1564 directs all money collected under this chapter into an Abandoned Property account within the Unclaimed Property Fund, continuously appropriates that money to the Controller for claims, refunds, and administrative costs, and requires monthly transfer of the balance over fifty thousand dollars to the General Fund along with a public recordkeeping duty.

Full Text of § 1564

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(a) All money received under this chapter, including the proceeds from the sale of property under Section 1563, shall be deposited in the Unclaimed Property Fund in an account titled "Abandoned Property."

(b) Notwithstanding Section 13340 of the Government Code, all money in the Abandoned Property Account in the Unclaimed Property Fund is hereby continuously appropriated to the Controller, without regard to fiscal years, for expenditure in accordance with law in carrying out and enforcing the provisions of this chapter, including, but not limited to, the following purposes:

(1) For payment of claims allowed by the Controller under the provisions of this chapter.

(2) For refund, to the person making such deposit, of amounts, including overpayments, deposited in error in such fund.

(3) For payment of the cost of appraisals incurred by the Controller covering property held in the name of an account in such fund.

(4) For payment of the cost incurred by the Controller for the purchase of lost instrument indemnity bonds, or for payment to the person entitled thereto, for any unpaid lawful charges or costs which arose from holding any specific property or any specific funds which were delivered or paid to the Controller, or which arose from complying with this chapter with respect to such property or funds.

(5) For payment of amounts required to be paid by the state as trustee, bailee, or successor in interest to the preceding owner.

(6) For payment of costs incurred by the Controller for the repair, maintenance, and upkeep of property held in the name of an account in such fund.

(7) For payment of costs of official advertising in connection with the sale of property held in the name of an account in such fund.

(8) For transfer to the General Fund as provided in subdivision (c).

(9) For transfer to the Inheritance Tax Fund of the amount of any inheritance taxes determined to be due and payable to the state by any claimant with respect to any property claimed by him or her under the provisions of this chapter.

(c) At the end of each month, or more often if he or she deems it advisable, the Controller shall transfer all money in the Abandoned Property Account in excess of fifty thousand dollars ($50,000) to the General Fund. Before making this transfer, the Controller shall record the name and last known address of each person appearing from the holders' report to be entitled to the escheated property and the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, and the name of the corporation. The record shall be available for public inspection at all reasonable business hours.

End

Plain-English Summary

Every dollar the Controller collects under this chapter, whether from a direct payment or the proceeds of a Section 1563 sale, needs somewhere to sit until it's needed, and Section 1564 creates that place. All such money goes into the Abandoned Property account within the Unclaimed Property Fund, and, notwithstanding the usual budget-appropriation process in Government Code Section 13340, that account's money is continuously appropriated to the Controller, without regard to fiscal years, for a list of purposes tied to running this chapter: paying allowed claims, refunding erroneous deposits, covering appraisal costs, paying for lost-instrument bonds and similar charges tied to specific property, meeting the state's own obligations as trustee or successor to a prior owner, maintaining property in the account, and covering the cost of official advertising for property sales.

Not every dollar stays in this account indefinitely, though. At least monthly, the Controller transfers whatever exceeds fifty thousand dollars in the account to the General Fund, along with amounts destined for the Inheritance Tax Fund for taxes owed by a successful claimant. Before making that transfer, the Controller has to record the name and last known address of each person the holders' reports show as entitled to the property, plus similar details for life insurance policies and their insureds, and that record has to be open for public inspection during regular business hours, giving the public a way to check whether their own name shows up even after the money has moved on to the General Fund.

Frequently Asked Questions

Where does money the Controller collects under this chapter get deposited?

Into the Abandoned Property account within the Unclaimed Property Fund.

Does the Controller need a separate budget appropriation to spend this money on claims?

No. Section 1564 continuously appropriates the money in the account to the Controller, without regard to fiscal years, for the purposes the section lists, notwithstanding the usual Government Code appropriation process.

What happens to money in the account above fifty thousand dollars?

The Controller transfers it to the General Fund, generally monthly, after recording the names and last known addresses of the people entitled to the underlying property.

Can the public check whether their name is on the Controller's records after the money moves to the General Fund?

Yes. The record the Controller keeps before each transfer is available for public inspection during all reasonable business hours.

Amendment History

Amended by Stats. 1993, Ch. 692, Sec. 7. Effective January 1, 1994.

Source & verification. Section text is reproduced verbatim from the California Legislative Information. Enacted by the California Legislature. Last verified July 29, 2026. · Official source

Also known as: unclaimed property fund abandoned property accountgeneral fund transfer escheated property california