California Code, Financial Code - FIN § 1573

Such money or securities shall be approved by the commissioner and be deposited with the Treasurer upon the written order of the commissioner.  Upon receiving any such deposit the Treasurer shall give his or her receipt therefor and thereafter subject to the provisions of this chapter shall hold such deposits for the sole benefit of the beneficiaries of the class of trust business for the security and protection of which the same were deposited.  The state is responsible for the custody and safe return of any money or securities so deposited.  The Treasurer shall deposit any such moneys under the provisions of Sections 16370 to 16375 of the Government Code.