Unclaimed Property

There is nothing quite like reaching into a jacket pocket and pulling out a forgotten $20 bill. Finding money is about that easy through the state controller's office, which is holding $2.6 billion in unclaimed property and money from insurance and title companies, banks, businesses and other financial institutions. So it's all the more puzzling that a pile of that money--granted, most in small amounts--sits in Sacramento waiting to be claimed by dozens of government agencies around the state.

Torrance police this week will allow residents to peruse the loot from two suspected burglars in an attempt to identify the owners of the property. The property, which is worth $100,000 to $150,000, includes televisions, stereos, cameras, jewelry, Oriental rugs, tools, and other items taken from an unknown number of residences and businesses primarily in the Torrance area over the last 18 months. The items were recovered Aug.

Leaving the Van Gogh exhibit, Jerry Clark of Glendale paused to ask one of the workers at the L.A. County Museum of Art what artist would be the subject of the next show. "Uh, uh, Pico Rivera," the worker said. Luckily another worker was nearby and interjected, "Diego Rivera." So Clark got the true picture. * DINING GUIDE FOR THE ADVENTUROUS: On this week's menu (see accompanying), Bill Hughes found "a great deal for that big eater in the family."

A Superior Court judge Wednesday gave state Controller Gray Davis permission to start the enormous task of "reuniting" Bank of America depositors with $47 million in cash the bank took from their dormant accounts. The action of Judge A. Richard Backus appeared to knock down the final barrier to resolution of the contentious 13-year-long fight between the state controller's office and the bank.

As much as $260 million in property held by the state of California is virtually impossible for the rightful owners to reclaim because their names have not been recorded, a Los Angeles Times investigation has found.

The state of California and Bank of America have reached a "historic and unique" $27.6-million settlement in their 13-year fight over the bank's former practice of wiping out dormant customer accounts and failing to pay interest on the deposits, The Times learned Friday. In the settlement, the bank agreed to pay the state $21.1 million in cash and turn over for the benefit of the public $6.

Ladies and gentlemen, check your safe-deposit boxes. And hurry. The California controller's office will hold its annual auction of "abandoned" property from safe-deposit boxes throughout the state May 27-28 at Hotel Sofitel in Los Angeles. Many other states will hold similar auctions in the coming months.

You know how it is: Things get hectic and pretty soon you've forgotten about that $50,000 in the bank. For those of you who lose your keys or forget where you park, take solace: About 100,000 Orange Countians have forgotten or abandoned savings accounts and property worth a combined $30 million, according to the State Controller's Office. In their owners' absence, every nickel has been turned over to State Controller Gray Davis for safekeeping. Or so the controller swears.

California State Controller Kathleen Connell will ask the Legislature's permission to spend more money to search for the owners of unclaimed property after The Times, on the eve of a huge state auction of supposedly abandoned safe deposit box contents, was able to quickly locate people the banks didn't find.

Rare coins, jewelry and keepsakes taken from safe deposit boxes of about 2,000 "lost" Californians will be auctioned today and Friday, but a random check by The Times has raised questions about the adequacy of efforts to find the owners. In a 24-hour period immediately before the massive sale, The Times was able to find and contact one-quarter of the owners of so-called abandoned property from a sample list of 24 individuals supplied by the state controller's office.