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Legalinfomd
Legalinfomd, Attorney
Category: Business Law
Satisfied Customers: 160
Experience:  Attorney with 24 years of experience in business law.
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We are a talent agency in California... We have an established

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We are a talent agency in California... We have an established trust account into which we deposit checks that come in from advertising agencies as payment to our actors... We write ourselves a check for our percentage and then pay our client (by check) their share... We have a balance in that account from a) checks never cashed by the client or b) The client moved and we cannot locate them or c) any number of reasons... OK Here's the QUESTION...
1) How long do we keep the money and try to get it to the client before sending it to The State of California.
2) Who do we send it to ? Sec. of State ?
Thank you

Legalinfomd :

Hello. I will answer your question.

Legalinfomd :

You can retain the money for three years, and attempt to get it to the entitled party during that time. After three years, the unclaimed funds would be sent to the Controller of California.

Legalinfomd :

Here is a link to the web site for more information: http://www.sco.ca.gov/upd.html

Customer:

My boss has asked me to "show (him) where it says that"... Is that 3 year limit codified somewhere ?

Legalinfomd :

The period of time is confirmed by the Controller, and displayed at the web site I referred to.

Legalinfomd :

I hope that this information has been helpful. Please leave a positive rating for my reply so that I will be credited for my time. Thank you and good luck.

Customer:

Excellent... Thank you !

Legalinfomd :

Here is another link that cites the law for your boss.

Legalinfomd :

You're welcome.

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