Cases arise every day in which monies and property are owed to individuals. If the property owners cannot be located by the parties trying to return the property, the State has implemented a procedure rectify this situation. In the State of California, the law requires that after a set time period of time, all holders of abandoned property must remit (turn in) the property to the State Controller’s Office for safe keeping. The property is held for the owner to come claim, and it is held in perpetuity (for eternity) for most items.
Many items qualify as Unclaimed or surplus property:
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Surplus describes a situation in which a debt has been satisfied, but there are additional funds left over (overage). A house that has gone through the foreclosure process and is sold at auction may have surplus funds due to the old owner. If the house sells at auction for more than the debt owed, an overage or surplus is created. This money is due to the previous property owner if it is retrieved during a certain allotted period of time.
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