Reminder: New California Disclosure Requirement Regarding Unclaimed Property

December 28, 2010
This update serves as a reminder that effective January 1, 2011, banking and financial organizations (including mutual funds) will be required under California’s unclaimed property law to provide written notice to persons opening new accounts that their property may be transferred to the appropriate state (i.e., escheated) if no activity occurs in the account within the time period specified by state law.