The California State Controller’s Office recently announced a program to help businesses that are holding on to unclaimed property that should have been turned over to the state in the past. As an attorney and business owner, the matter of holding unclaimed property arises when a client receives a refund of a trust deposit, but fails to deposit the check. After a certain period of time, typically three years, and number of attempts to return the funds, the funds are ultimately turned over to the California State Controller’s office. Other examples of funds that may escheat to the state include forgotten bank accounts, inheritances, or funds that never reached an individual due to a wrong address. For businesses who have been holding funds longer than allowed, the new Unclaimed Property Compliance Program is a way to get into compliance and interest may be waived. For more information, click here.
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Holding Someone Else’s Money a Little Too Long…
by Betty Williams | Jan 21, 2026 | Compliance, Funds, Unclaimed Property Compliance Program |
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