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Unclaimed Property

BUSINESS
October 20, 2008 | Scott J. Wilson
If you could use a little extra cash -- and, hey, who couldn't? -- ask the state of California whether it has some money you've forgotten about. The state's unclaimed-property program has $5.1 billion, belonging to 8.2 million people and organizations, from neglected bank accounts, safe deposit boxes, stocks, mutual funds, bonds, insurance policies, estates and other sources.
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BUSINESS
December 17, 2006 | Abigail Goldman
Retailers sometimes earn millions of dollars when shoppers fail to cash in the full amount of their gift cards. But not always. States vary in their rules for handling unredeemed gift cards. In some areas, never-cashed-in gift cards are considered unclaimed property and their cash value must be turned over to the state. But in states like California that prohibit expiration dates on gift cards, retailers are allowed -- after several years -- to record leftover balances as revenue.
CALIFORNIA | LOCAL
March 18, 1999 | STEVE HARVEY
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."
NEWS
March 17, 1988 | CARL INGRAM, Times Staff Writer
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.
NEWS
August 15, 1999 | KATHY M. KRISTOF, TIMES STAFF WRITER
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.
NEWS
February 27, 1988 | CARL INGRAM, Times Staff Writer
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.
BUSINESS
May 20, 1999 | KATHY M. KRISTOF, TIMES STAFF WRITER
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.
NEWS
May 16, 1994 | JEFF BRAZIL, TIMES STAFF WRITER
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.
BUSINESS
May 28, 1999 | LIZ PULLIAM, TIMES STAFF WRITER
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.
NEWS
May 27, 1999 | KATHY M. KRISTOF, TIMES STAFF WRITER
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.
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