SECTIONS 1430-1431 - California Statutes

CODE OF CIVIL PROCEDURE

SECTION 1430-1431

1430. (a) Upon the expiration of five years after the date of entry
of judgment in any proceeding pursuant to this chapter, or upon the
expiration of five years after completion of notice by publication in
an escheat action taken pursuant to Section 1415, the property
covered by that proceeding or action shall permanently escheat to the
state, except as provided in subdivision (b).
(b) Infants and persons of unsound mind shall have the right to
appear and claim such property as provided in this title if born
before the expiration of the five-year period; but it shall be
presumed that there are no infants nor persons of unsound mind who
are or will be entitled to claim this property unless and until they
appear and claim the property as provided in this title. This
presumption shall be conclusive in favor of any purchaser in good
faith and for a valuable consideration from the state and everyone
subsequently claiming under him or her, saving however, to infants
and persons of unsound mind the right of recourse to the proceeds of
any sale or other disposition of any such property by the state and
as herein provided.
(c) Except as otherwise provided in this subdivision, a named
beneficiary of property that escheats pursuant to this title or, if
the beneficiary is deceased or a court renders a judgment that the
beneficiary is dead, a blood relative of the named beneficiary may
claim property described in subdivision (a) at any time within five
years after the date of entry of judgment in any proceeding under
this chapter. The named beneficiary or, if a court has rendered a
judgment that the named beneficiary is dead, the blood relative of
the named beneficiary shall be entitled to immediate payment upon
this claim. If a court has not rendered a judgment that the named
beneficiary is dead, payment of the claim of a blood relative of the
named beneficiary shall be made on the day before the expiration of
the five-year period described in this section. This subdivision
shall not apply to authorize a claim by any person, including any
issue or blood relative of that person, whose interest or inheritance
was specifically restricted or barred by a provision in the donating
or transferring instrument.

1431. When money in the Unclaimed Property Fund has become
permanently escheated to the state, the amount thereof shall, on
order of the Controller, be transferred to the General Fund. When
property other than money held by the Controller or Treasurer in the
name of any account in the Unclaimed Property Fund has become
permanently escheated to the state, the records of the Controller and
Treasurer shall be adjusted to show that such property is held in
the name of the General Fund.