Under Government Code Section 50050/50057, funds that are not the property of a local agency that remain unclaimed for three years become the property of the local agency after notice if not claimed or if no verified complaint is filed and served. At any time after the expiration of the three-year period, the Treasurer of the local agency may cause a notice to be published once a week for two successive weeks in a newspaper of general circulation. The notice will state the amount of money, the fund in which it is held and that it is proposed that the money will become the property of the local agency on a designated date not less than 45 days nor more than 60 days after the first publication of the notice. Upon or prior to publication, a party of interest may file a claim with the treasurer which must include the claimant's name, address, amount of claim, the grounds on which the claim is founded and any other information required by the treasurer. The treasurer shall accept or reject that claim. When any such money becomes the property of a local agency, the legislative body may transfer it to the general fund.
Unclaimed Funds
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