Abandoned Property - Unclaimed or Unknown Owner Court Funds - Unclaimed or unknown owner court funds


Published: 2021-08-06

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§ 600. Unclaimed or unknown owner court funds. 1. The following
unclaimed property shall be deemed abandoned property:

(a) Any moneys including the monetary proceeds from the sale of
tangible personal property and securities or other intangible property
paid into court, which, except as provided in section ten hundred of
this chapter, shall have remained in the hands of any county treasurer,
or the commissioner of finance of the city of New York, for three years,
together with all accumulations of interest or other increment thereon,
less such legal fees as he may be entitled to.

(b) The monetary proceeds representing any legacy or distribution
share to which an unknown person is entitled, as specified in section
two thousand two hundred twenty-two of the surrogate's court procedure
act.

2. Any abandoned property held or owing by a county treasurer or the
commissioner of finance of the city of New York to which the right to
receive the same is established to the satisfaction of such county
treasurer or commissioner of finance of the city of New York shall cease
to be abandoned.

3. Notwithstanding the provisions of this section, deposits made with
a county treasurer or the commissioner of finance of the city of New
York pursuant to order of a court, made subsequent to the second day of
April nineteen hundred fifty-two, for the benefit of a person who was an
infant at the time of the making of such order, shall not be subject to
the provisions of this chapter until such infant attains the age of
eighteen years.