Legal Question in Banking Law in California
My uncle received a letter from the bank stating that his savings account has become inactive and that he needs to reactivate his account. The letter states that his account may be transferred to the state if no activity occurs within the time period specified by state law. What is the time period specified by California?
1 Answer from Attorneys
Notice must be given at least two years and not more than two and a half years after last activity. If the asset is not claimed and the owner makes no contact by three years after last activity, the asset is transferred to the state by a process called "escheat." The state then holds the asset for five years, and the owner must make a claim to the Secretary of State in that time, or the property permanently escheats to the state and is added to the General Fund.
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