If the rightful owner of any property in the possession, custody or control of the United States either (a) shall have been or shall be unknown for seven consecutive years; or (b) shall have died or shall die without having disposed thereof and without having left or without leaving a will disposing thereof, and without leaving heirs, next-of-kin, or distributees; or (c) shall have abandoned or shall abandon such property, and either:

Terms Used In N.Y. Abandoned Property Law 1215

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Property: includes , but is not limited to, money, rights to claim refunds or rebates, postal savings deposits, bonds, notes, certificates, policies of insurance, other instruments of value, choses in action, obligations whether written or unwritten, and any thing of value of any nature whatsoever. See N.Y. Abandoned Property Law 1214
  • Statute: A law passed by a legislature.
  • United States: means any officer, agency, department or instrumentality of the United States of America, other than a court, and any corporation organized under its laws. See N.Y. Abandoned Property Law 1214

(i) the last known address of such rightful owner, as it appears from the records of the United States is in this state, or

(ii) there is no last known address for such rightful owner and the agency or instrumentality possessing, holding, controlling or owing such property is a corporation domiciled in this state; or

(iii) there is no last known address for such rightful owner, the agency or instrumentality possessing, holding, controlling or owing such property is not a corporation or is a corporation domiciled in a state other than New York which has no escheat or custodial statute relating to unclaimed or abandoned property and either

1. the records showing the name of and amount due the rightful owner are in this state; or

2. such property was paid to, deposited with or otherwise acquired by the United States in this state or as the result of transactions occurring in this state; or

3. such property is owed or came into being as the result of returns filed or other transactions occurring in this state; or

4. the court, in its discretion, finds that such property has or had sufficient other contacts with this state; then such property, together with all interest or other increments accrued thereon, shall escheat to the state of New York.