§ 570.Notice of Funds Belonging to Persons Whose Whereabouts Unknown Before Receiver Discharged

Not every dollar a receiver collects has a clear destination. When a receiver holds funds belonging to someone whose location the receiver doesn't know, § 570 sets a process for tracking that person down before closing the book on the receivership.

Before the receiver can be discharged, the receiver has to publish notice -- in one or more newspapers published in the county, at least once a week for four consecutive weeks -- naming the owner, the owner's last known address, and the amount unclaimed. That publication gives a reasonable last chance for the rightful owner, or someone who knows the owner, to come forward.

If the funds are still unclaimed thirty days after the last publication, the receiver reports them to the court, and upon the court's order the funds are paid into the State Treasury along with a copy of the order repeating the same facts required in the notice. From that point, the funds are treated as received under the state's unclaimed-property statute, Chapter 7 (commencing with § 1500) of Title 10 of Part 3, and can be recovered later the same way any other unclaimed property is. The cost of publishing the notice comes out of the very funds whose owners can't be found.