California's Legalized Theft, Part 2

Last June I linked to a disturbing article about the California State Controller relying on taking over "dormant" bank and stock accounts for regular budget revenue. California has determined an account is "dormant" if it's untouched for a mere three years. The state was even taking over supposedly dormant accounts held by citizens who had other active accounts at the same banking institution.

Mark Landsbaum updates his initial article. Unfortunately, it doesn't sound like much progress is being made putting the brakes on the state's immoral thievery, despite being under a court order. A new bill which is supposed to improve the situation hints that the state intends to continue to push hard to take over private property: "The bill includes substantial financial penalties for banks and other holders who fail to inform the state that they have property eligible for seizure, and for their failure to deliver property to the state."

State Senator Tom McClintock says that the 2007-08 state budget continues to project hundreds of millions of dollars in revenue from anticipated seizures.