California Probate Code

§ 7644

PROB § 7644Div. 7 · Part 1 · Ch. 4 · Art. 3

Statute text

(a)If a deposit in a financial institution is made under this article, money remaining unclaimed at the expiration of five years after the date of the deposit, together with the increase and proceeds of the deposit, shall be presumed abandoned in any of the following circumstances:

(1)The deposit belongs to the estate of a known decedent for which a personal representative has never been appointed.

(2)The deposit belongs to the estate of a known decedent for which a personal representative has been appointed but no order of distribution has been made due to the absence of interested persons or the failure of interested persons diligently to protect their interests by taking reasonable steps for the purpose of securing a distribution of the estate.

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Legislative history

Enacted by Stats. 1990, Ch. 79.