AB 507

Under current law, in every odd-numbered year, each officer of a municipality

and county and each clerk of every court of record must provide a report to the county

treasurer listing all persons for whom the officer or clerk holds money or security that

has not been claimed for at least one year. The county treasurer must then publish

a legal notice in a newspaper or other publication once a week for three consecutive

weeks (class 3 notice) containing the names and last-known addresses of the owners

of unclaimed money or security with a value of at least $10. If the money or security

is not claimed within six months, the county treasurer takes possession of the money

or security that, was in the possession of both county and municipal officers, and the

clerks of courts, and deposits it in the county's general fund. If the money is not

claimed within ten years, the money or property becomes the property of the county.

Under this bill, if the money or security is not claimed within six months of the

completed publication, a county treasurer takes possession of the money or security

that was in the possession of the county officers and clerks of courts and deposits it

in the county's general fund, and a municipal treasurer takes possession of the

money or security that was in the possession of municipal officers and deposits it in

the municipality's general fund. Also under the bill, if the money is not claimed

within ten years, the money or property becomes the property of the county or

municipality.