Article 5. Disposal Of Unclaimed Trust Property of California Financial Code >> Division 1. >> Chapter 7. >> Article 5.
Whenever any licensee is being liquidated or whenever the
trust business of any licensee has been discontinued and the licensee
has in its possession money or other property held by it in trust or
for safekeeping and the beneficiaries or persons entitled thereto
are unknown or cannot be found, the commissioner or the licensee,
upon obtaining approval of the superior court of the county in which
the liquidation proceedings are pending or in which the head office
of the licensee is situated, may do the following:
(a) In the case of money, deliver it to the Treasurer.
(b) In the case of other property, deliver it to the Controller
for deposit in the State Treasury.
Upon the delivery of any money to the Treasurer or upon the
delivery of any property to the Controller, a certified copy of the
order of the court approving the delivery shall be given to the
Controller, and upon the delivery of any money to the Treasurer a
notice giving the amount delivered shall be filed with the
Controller. Upon the receipt of any money or other properties, the
Treasurer or the Controller, as the case may be, shall issue a
receipt for the same and the receipt shall be deemed a voucher in
favor of the licensee to the same extent as though executed by the
beneficiary or other person entitled thereto.
All money or other property delivered to the Treasurer or
Controller pursuant to this article shall be deemed to be delivered
for deposit in the State Treasury under the provisions of Chapter 7
(commencing with Section 1500) of Title 10 of Part 3 of the Code of
Civil Procedure and shall be subject to claim or other disposition as
provided in that chapter.