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§ 1562.Dividends, Interest Or Other Increments Realized Or Accruing Prior to Liquidation Or Conversion Into Money

Title 10. Unclaimed Property · Chapter 7. Unclaimed Property Law · Article 5. Administration of Unclaimed Property · Enacted 1968 · no amendments on record · Last verified July 29, 2026

In one sentenceSection 1562 requires the Controller to credit an owner's account with any dividends, interest, or other increments realized on non-money property before it's liquidated, while directing all other interest and investment income the Unclaimed Property Fund earns to the General Fund.

Full Text of § 1562

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When property other than money is delivered to the State Controller under this chapter, any dividends, interest or other increments realized or accruing on such property at or prior to liquidation or conversion thereof into money, shall upon receipt be credited to the owner's account by the State Conroller. Except for amounts so credited the owner is not entitled to receive income or other increments on money or other property paid or delivered to the State Controller under this chapter. All interest received and other income derived from the investment of moneys deposited in the Unclaimed Property Fund under the provisions of this chapter shall, on order of the State Controller, be transferred to the General Fund.

Plain-English Summary

Property that isn't cash, like shares or other securities, can generate its own dividends or interest while the Controller holds it, and Section 1562 decides who benefits from that. Any dividends, interest, or other increments realized or accruing on such property, at or before its liquidation or conversion into money, get credited to the owner's account once received. Beyond those specific credited amounts, the owner has no right to any further income or increment on money or property held under this chapter.

The section then routes the fund's broader investment earnings elsewhere. All interest received and other income the Controller derives from investing money deposited in the Unclaimed Property Fund gets transferred, on the Controller's order, to the General Fund rather than staying with individual owners' accounts. The distinction is a narrow one: increments tied directly to a specific piece of property before it's converted to cash go to that property's owner, while the Fund's own investment returns support the General Fund instead.

Frequently Asked Questions

Does an owner get credit for dividends earned on shares the Controller holds?

Yes. Section 1562 credits the owner's account with any dividends, interest, or other increments realized on the property before it's liquidated or converted into money.

Does the owner get any interest beyond those specifically credited increments?

No. The section states the owner is not entitled to receive income or other increments beyond the amounts credited under this section.

Where does the Unclaimed Property Fund's own investment income go?

To the General Fund, transferred on the Controller's order, rather than to individual owner accounts.

What kind of property does this section apply to?

Property other than money, such as securities, that can generate its own increments before the Controller liquidates or converts it.

Amendment History

Added by renumbering Section 1514 by Stats. 1968, Ch. 356.

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: dividends interest escheated securities californiaunclaimed property fund investment income general fund