§ 1503.When Holder Not Required to Report Under Old Act
Title 10. Unclaimed Property · Chapter 7. Unclaimed Property Law · Article 1. Short Title; Definitions; Application · Last amended 1990 · Last verified July 29, 2026
In one sentenceSection 1503 excuses a holder from reporting or paying over certain property to the Controller when a claim against that property was already time-barred before January 1, 1969, or when the property had not yet been held long enough under this chapter's dormancy periods as of that date.
(1)"Old act" means this chapter as it existed prior to January 1, 1969.
(2)"New act" means this chapter as it exists on and after January 1, 1969.
(3)"Property not subject to the old act" means property that was not presumed abandoned under the old act and would never have been presumed abandoned under the old act had the old act continued in existence on and after January 1, 1969, without change.
(b)The holder is not required to file a report concerning, or to pay or deliver to the Controller, any property not subject to the old act if an action by the owner against the holder to recover that property was barred by an applicable statute of limitations prior to January 1, 1969.
(c)The holder is not required to file a report concerning, or to pay or deliver to the Controller, any property not subject to the old act, or any property that was not required to be reported under the old act, unless on January 1, 1969, the property has been held by the holder for less than the escheat period. "Escheat period" means the period referred to in Sections 1513 to 1521, inclusive, of the new act, whichever is applicable to the particular property.
Plain-English Summary
When this chapter's modern version took effect on January 1, 1969, lawmakers had to decide what to do with property already sitting with holders under the prior law. Section 1503 answers that question for property that was never covered by the old version of this chapter, defining the “old act” as the law before 1969 and the “new act” as the law after. If an owner's own lawsuit to recover the property from the holder would already have been barred by a statute of limitations before 1969, the holder owes nothing further under this chapter.
The section also protects holders whose property had not aged long enough yet. If, as of January 1, 1969, the property had been held for less than the dormancy period this chapter's later sections set for that type of property, the holder is not required to report it. That escheat period is defined by reference to Sections 1513 through 1521, the same sections this batch covers that set the specific three-year, seven-year, and other holding periods for each category of property.
Frequently Asked Questions
Does a holder owe anything under this chapter if the owner's claim was already time-barred before 1969?
No. Section 1503 excuses the holder from reporting or paying that property if the applicable statute of limitations had already run before January 1, 1969.
What if the property had not been dormant long enough by 1969?
The holder is not required to report it if, as of that date, it had been held for less than the escheat period this chapter otherwise requires.
Where does this section's “escheat period” come from?
From Sections 1513 through 1521, the sections in this same article that set the specific dormancy period for each type of property.
Amendment History
Amended by Stats. 1990, Ch. 450, Sec. 3. Effective July 31, 1990.
Source & verification. Section text is reproduced verbatim from
the Deering's California Codes Annotated / vLex. Enacted by the California Legislature.
Last verified July 29, 2026.
· Official source
Also known as:old act unclaimed property transition rule1969 unclaimed property law grandfather clause