June 22, 2007
State Controller's Office Enjoined from
Accepting Unclaimed Property
We have been advised that the United States District Court issued a preliminary injunction prohibiting the State Controller's Office from accepting, taking title to, or possession of any property including, but not limited to securities and contents of safe deposit boxes.
Effective June 1, 2007 and until further notice, the State Controller's Office is enjoined from accepting any unclaimed property from businesses and financial institutions required to remit and deliver such property under the unclaimed property law (Code of Civil Procedure 1500 et seq.). The State Controller's Office has instructed all holders of unclaimed property to hold any unclaimed property until further notice. This applies to all property including, but not limited to cash, securities or safe deposit box contents. In addition, holders are not to transfer securities into the name of the Controller.
Please continue to check the web site www.sco.ca.gov for further updates. If you have any questions regarding this notice, please call the State Controller's Office, Unclaimed Property Reporting Unit at (916) 323-2845.