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Government Code section 50055, et. seq. provides that unclaimed monies which remain in the treasury or in the official custody of the officers of a local agency for three (3) years, become the property of the agency. At the end of the three-year period, those items in excess of $15.00 must be published as notification that the money will become the property of the agency after a designated date if it is left unclaimed; items under $15.00 need not be published.
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Escheatment to the general fund occurs if a verified claim is not filed by the designated date forty-five to sixty days after the date of first publication.
A majority of these unclaimed items are the result of cancellation of county checks that were issued and not cashed. County checks become stale-dated after six months and can be reissued to the owner over the next two and one-half years upon presentation of a verified claim by the payee. |
