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#770518 - 07/09/07 04:26 PM abandoned property - money orders
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
I assume that unpaid money orders are subject to the same abandoned property laws as other bank deposits; am I correct? If so, after how long must they be reported to the state of CA?

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#772346 - 07/11/07 04:27 PM Re: abandoned property - money orders devsfan
SJB Offline
Diamond Poster
Joined: Jun 2002
Posts: 1,210
Here is some info on CA escheat:

Under CCP Section 1513(e), a financial institution is to escheat any sum payable on a money order that has been outstanding for more than seven years from the date it was payable, or from the date of its issuance if payable on demand, excluding any reasonable service charges that may lawfully be withheld and that do not exceed the schedules filed by the institution with the Controller, when the owner has not communicated electronically or in writing with the institution concerning the item during that time. (From Bankers Compliance Group.)
My opinions are not legal advice and are worth what you paid for them.

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#772959 - 07/11/07 10:40 PM Re: abandoned property - money orders SJB
KK Offline
100 Club
Joined: Jan 2002
Posts: 249
Southern California

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