What happens to the assets of a "suspended corporation"?

My question is California-specific, as I am sure the laws can vary by state.
Also, if anyone has any specific information on assets pertaining to intellectual property (trademarks and copyrights), that would be very helpful.

Nothing happens unless the shareholders, board of directors or creditor take some steps to move against the assets of the corporation.

Corporations are suspended in California all the time. Usually the suspension occurs for some minor technical reason such as failing to file a State of of Information or failed to pay the annual $800 franchise tax fee. Suspensions are usually temporary and the restoration of corporate powers is retroactive.

The biggest consequence for a corporate suspension is that the corporation cannot legally defend itself in a lawsuit or file lawsuits. Usually lawsuits are just put on a stay until the suspension is lifted.

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