Fred, Heres what I found on Bernard Levine's site reguarding what you asked. It sounds to me like you can own, but not transport, sell, display for sale, ship, trade, lend, give to anyone, or transport in a vehicle.
Simple enough Ehhhh...............
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California - Penal Code Section 653k.
Every person who possesses in the passenger's or driver's area of any motor vehicle in any public place or place open to the public, carries upon his or her person, and every person who sells, offers for sale, exposes for sale, loans, transfers, or gives to any other person a switchblade knife having a blade over two inches in length is guilty of a misdemeanor. For the purposes of this section a "switchblade knife" is a knife having the appearance of a pocketknife, and shall include a spring-blade knife, snap-blade knife, gravity knife or any other similar type knife, the blade or blades of which are two or more inches long and which can be released automatically by a flick of a button, pressure on the handle, flip of the wrist or other mechanical device, or is released by the weight of the blade or by any other type of mechanism whatsoever...
****California case law:
Butterfly knife which has blade in excess of two inches is "switch-blade knife" within meaning of... 653k. [Attorney General's opinion 11-19-1985.]
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Clay
www.balisongxtreme.com
Because......
getting 'em open
is half the fun!