SECTIONS 7640-7644 - California Statutes

PROBATE CODE

SECTION 7640-7644

7640. (a) The public administrator shall, upon receipt, deposit all
money of the estate in an insured account in a financial institution
or with the county treasurer of the county in which the proceedings
are pending.
(b) Upon deposit under this section the public administrator is
discharged from further responsibility for the money deposited until
the public administrator withdraws the money.

7641. Money deposited in a financial institution or with the county
treasurer under this article may be withdrawn upon the order of the
public administrator when required for the purposes of
administration.

7642. (a) The public administrator shall credit each estate with
the highest rate of interest or dividends that the estate would have
received if the funds available for deposit had been individually and
separately deposited.
(b) Interest or dividends credited to the account of the public
administrator in excess of the amount credited to the estates
pursuant to subdivision (a) shall be deposited in the county general
fund.

7643. (a) The county treasurer shall receive and safely keep all
money deposited with the county treasurer under this chapter and pay
the money out on the order of the public administrator when required
for the purposes of administration. The county treasurer and sureties
on the official bond of the county treasurer are responsible for the
safekeeping and payment of the money.
(b) The county treasurer shall deliver to the State Treasurer or
the Controller all money in the possession of the county treasurer
belonging to the estate, if there are no beneficiaries or other
persons entitled to the money, or the beneficiaries or other persons
entitled to the money do not appear and claim it. Delivery shall be
made under the provisions of Article 1 (commencing with Section 1440)
of Chapter 6 of Title 10 of Part 3 of the Code of Civil Procedure.

7644. (a) If a deposit in a financial institution is made under
this article, money remaining unclaimed at the expiration of five
years after the date of the deposit, together with the increase and
proceeds of the deposit, shall be presumed abandoned in any of the
following circumstances:
(1) The deposit belongs to the estate of a known decedent for
which a personal representative has never been appointed.
(2) The deposit belongs to the estate of a known decedent for
which a personal representative has been appointed but no order of
distribution has been made due to the absence of interested persons
or the failure of interested persons diligently to protect their
interests by taking reasonable steps for the purpose of securing a
distribution of the estate.
(b) The Controller may, at any time after the expiration of the
five-year period, file a petition with the court setting forth the
fact that the money has remained on deposit in a financial
institution under the circumstances described in subdivision (a) for
the five-year period, and requesting an order declaring that the
money is presumptively abandoned and directing the holder of the
money to pay the money to the State Treasurer.
(c) Upon presentation of a certified copy of a court order made
under subdivision (b), the financial institution shall forthwith
transmit the money to the State Treasurer for deposit in the State
Treasury. The deposit shall be made as provided in Section 1310 of
the Code of Civil Procedure. All money deposited in the State
Treasury under the provisions of this section shall be deemed to be
deposited in the State Treasury under the provisions of Article 1
(commencing with Section 1440) of Chapter 6 of Title 10 of Part 3 of
the Code of Civil Procedure. The deposit shall be transmitted,
received, accounted for, and disposed of as provided by Title 10
(commencing with Section 1300) of Part 3 of the Code of Civil
Procedure.