§ 1371.Power of Controller As to Securities, Accounts, Debts, Contractual Rights Or Other Choses In Action

Securities and intangible claims don't behave like ordinary property, and Section 1371 gives the Controller a toolkit tailored to them. For securities and other classes of personal property, the Controller may sell, cash, redeem, exchange, or otherwise dispose of them. For accounts, debts, contractual rights, or other choses in action, the toolkit widens further to include compromising, adjusting, or settling the claim, not just selling it outright.

All of that authority runs through a single standard: the Controller can act when, in their opinion, doing so is necessary or will tend to safeguard and conserve the interests of everyone with a vested or expectant interest in the property, including the state. That opinion-based standard gives the Controller room to judge each situation individually -- redeeming a maturing bond might make sense one way, while settling a disputed debt for less than its face value might make sense another, and this section lets the same office handle both under the same guiding principle Section 1365 sets out generally.