California enacts law adding digital assets to Unclaimed Property Law subject to escheat

On October 11, California enacted SB 822 amending its Unclaimed Property Law to clarify that “digital financial assets,” as defined in Cal. Fin. Code § 3102(g), are a form of intangible property subject to escheat. This law mandates that digital financial assets held or owed by a business association escheat to the state if they remain unclaimed by the owner for more than three years, based on either the date a mailed or electronic communication is returned undelivered or the date of the last…
By: Orrick, Herrington & Sutcliffe LLP