N.Y. Abandoned Property Law 600 – Unclaimed or unknown owner court funds
§ 600. Unclaimed or unknown owner court funds. 1. The following unclaimed property shall be deemed abandoned property:
Terms Used In N.Y. Abandoned Property Law 600
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Legacy: A gift of property made by will.
- Personal property: All property that is not real 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.