Casiopea Bovet, LLC v. Chiang

Casiopea Bovet, LLC appealed a judgment on the pleadings granted in favor of the California State Controller (Controller) on grounds that Casiopea could not claim escheated property under the Unclaimed Property Law as an assignee of Financial Title Company (Financial Title) because Financial Title was a suspended corporation, which lacked legal capacity to prosecute an action. Casiopea argued on appeal: (1) the penalty provisions of Revenue and Taxation Code section 23301 should not apply to a claim made pursuant to an assignment ordered under the Enforcement of Judgments Law as distinguished from a voluntary assignment under Civil Code section 954; (2) Casiopea, as an assignee, was an "innocent third party" and should be able to claim the property under equitable principles; and (3) the court abused its discretion in denying Casiopea's request for continuance or leave to amend its complaint. The Court of Appeal disagreed with each of these contentions and affirmed the judgment. View "Casiopea Bovet, LLC v. Chiang" on Justia Law