Abandoned Property - General Provisions - Property for New York residents held by other states


Published: 2014-09-22

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
§ 1418. Property for New York residents held by other states. 1. All
property heretofore or hereafter reported and paid to any other state
pursuant to the provisions of such other state's unclaimed property laws
shall be deemed abandoned property subject to the provisions of this
chapter if the last known address of the apparent owner of such
property, as it appears on the books and records of such other state, is
within this state.

2. The state comptroller, as custodian of unclaimed funds, is hereby
authorized to claim such funds from any other state on behalf of the
apparent owners of such funds whose last known address is within this
state, or may enter into a reciprocal agreement with another state
pursuant to section fourteen hundred seventeen of this article for the
payment of such funds to this state.

3. The attorney general shall be authorized to maintain an action in
any court of appropriate jurisdiction to enforce the provisions of this
section if so requested by the state comptroller.