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Real Estate/Development,
Constitutional Law

Jun. 9, 2022

Unclaimed Property Law is unconstitutional, suit says

The law allows the controller to seize private assets after the owner has not been active for a specified period of time, typically three years, and to use the funds for state obligations without paying restitution.

California’s Unclaimed Property Law is unconstitutional because it allows assets, such as bank accounts and insurance policies not claimed by rightful owners within typically three years, to be paid into the state’s general fund without justly compensating owners who try to collect later, A a proposed class action states.

“Plaintiff brings this action to challenge the constitutionality of the California Unclaimed Property Law, California C...

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