California Escheat And Foreclosure

Summary

Californias escheat laws are governed by the Unclaimed Property Law, where property is considered unclaimed after 3 years and escheats to the state. Foreclosure overage laws are under California Civil Code Section 2924j, which mandates the distribution of surplus funds to claimants in order of priority, with property owners typically last. Unclaimed funds after 90 days are escheated to the state and can be searched on the State Controllers website.

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What laws govern foreclosure overage in California
In California, foreclosure overage laws are governed by the California Civil Code Section 2924j. Key points include:
- The trustee will distribute the excess funds to claimants in order of priority.
- The property owner is usually the last to receive any funds.
- All claims must be filed within 90 days of the trustee's deed recording date.
California Civil Code Section 2924j
California Civil Code Section 2924j primarily deals with the distribution of surplus funds following a foreclosure sale. Key points include:
- Trustee must distribute surplus to claimants in order of priority.
- Property owner is typically the last to receive any surplus.
- All claims must be filed within 90 days of the trustee's deed recording date.
California Civil Code Section 2924j what happens to the funds that are not claimed after 90 days
Under California Civil Code Section 2924j:
- If funds are not claimed after 90 days, they are escheated to the state.
- They are held until claimed by the entitled party.
- Unclaimed funds can be searched on the State Controller's website.