• The California state controller manages unclaimed funds that are seized by the state.dinero en lata image by Norberto Lauria from Fotolia.com
  
  California's system for reuniting unclaimed funds with their rightful owners includes sending written notification and a form to the last known address of the owner, giving the owner an opportunity to reclaim the property. And even if an owner's unclaimed funds are seized by the state and/or sold off, the owner can still file for restitution.
  
  

Types of Funds

• The types of funds that can be turned over to the state for reunion with their rightful owners include, but are not limited to, uncashed payroll checks, cashier's checks, vendor checks and dividends. Under California law, the unclaimed funds have to be turned over to the state after a period of inactivity by the owner. For example, if a bank account sits unused and unmonitored by the owner for over three years, then the financial institution is required to report it to the state.
  
  

Written Notice

• Before notifying the state of the unclaimed funds, the financial institutions and other businesses are required to mail written notice to the property owner, notifying them that their funds will be turned over to the state. The notice has to include a form that the property owner must fill out, sign and mail back if she wishes to keep the property. If the owner fills out the form, then the funds are not turned over to the state; if no form is received, then the property is turned over to the state controller.
  
  

Rights & Protections

• Among the rights and protections that owners of unclaimed property have are the right to file a claim on the funds with the state's Unclaimed Property Division at any time free of charge, and the right to receive written or electronic confirmation of the claim within 30 days of receipt. Additionally, if a property owner files a claim, then the Unclaimed Property Division must issue an approval, denial or request for more information within 180 days of the claim's receipt. The property owner also has the right to receive the net proceeds of the sale if the property is sold off by the state.
  
  

Appeals

• If a property owner's claim is denied by the state or returned for additional documentation, then the owner can request an informal appeal of the decision, as long as owner of the funds contacts the controller's office within 30 days of the denial date or date that the claim is returned.