Unclaimed property.

(1) The Unclaimed Property Law provides for the escheat to the state of abandoned property, including certain deposits, accounts, shares, or other interests with a banking or financial organization, business association, or other holder of personal property. Under existing law, the holder of abandoned property transfers the property to the Controller after the property is inactive for a period of 3 years, including when the owner has not increased or decreased the amount of a deposit, cashed an interest check, or presented a passbook or other similar evidence of a deposit for the crediting of interest.