§ 1503 Filing report or payment or delivery of property not subject to old act; action barred prior to Jan. 1, 1969; property held less than escheat period

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§ 1503. Filing report or payment or delivery of property not subject to old act; action barred prior to Jan. 1,
1969; property held less than escheat period

    (a) As used in this section:

        (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.