Fin. Code, § 700 · Article 5. Disposal of Unclaimed Trust Property
Fin. Code, § 700
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=700.
- Text hash
- sha256 8edbe1eb86106e1cd5fcd290e192dd5348967e6f1163eaecce33fb972787a313
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 2 provisions
Provisions in this library whose text cites Fin. Code, § 700. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.