Finders, keepers helps state
Treasurer praised for discovering $60 million that averted more cuts
Unclaimed property consists of old bank and credit card accounts, safety deposit boxes, uncashed payroll checks, stock certificates, dividend checks and other items of value.
Most of the additional revenue, however, came from unclaimed property. By law, banks and retail companies must turn these assets over to the treasurer's office after a period of time, usually three to five years, if there has been no attempt to claim them.
By law, however, they must give that money to the owners or their heirs if they ever appear.
Too often people are not aware they have unclaimed assets. California's program was shut down for four months last year after a judge said it was not doing enough to find the rightful owners of unclaimed property.
Actress Angelina Jolie and baseball great Willie Mays were among the thousands of Californians who had not been given their assets.
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