New York · statute · N.Y. Abandoned Property Law · 135 active provisions
CHAPTER 697 AN ACT in relation to escheated and abandoned property, constituting chapter one of the consolidated laws Became a law April 23, 1943, with the approval of the Governor. Passed, three-fifths being present The People of the State of New York, represented in Senate and Assembly, do enact as follows: ABANDONED…
ARTICLE I SHORT TITLE; DECLARATION OF POLICY; DEFINITIONS Section 101. Short title. 102. Declaration of policy. 103. Definitions.
§ 101. Short title. This chapter shall be known and may be cited as the "Abandoned Property Law."
§ 102. Declaration of policy. It is hereby declared to be the policy of the state, while protecting the interest of the owners thereof, to utilize escheated lands and unclaimed property for the benefit of all the people of the state, and this chapter shall be liberally construed to accomplish such purpose.
§ 103. Definitions. As used in this chapter (a) "Abandoned property fund" means the abandoned property fund established by section ninety-five of the state finance law, as such section was added by a chapter of the laws of nineteen hundred forty-four, entitled "An act to amend the state finance law, in relation to esta…
ARTICLE II ESCHEAT OF REAL PROPERTY Section 200. Escheated lands. 201. Action for recovery of property. 202. Parties to action. 203. Effect of judgment in favor of people. 204. Sale of property recovered. 205. Report by attorney-general. 206. Petition for release of escheated lands. 207. Proceedings on receipt of petit…
§ 200. Escheated lands. All lands the title of which shall fail from a defect of heirs, shall revert, or escheat, to the people.
§ 201. Action for recovery of property. Whenever the attorney-general has good reason to believe that the title to, or right of possession of, any real property has vested in the people of the state by escheat whether from defect of heirs, alienage or otherwise, or by conviction or outlawry for treason as provided in s…
§ 202. Parties to action. There may be made parties to such action, all persons who would have, might have or might claim to have any interest in or lien upon the premises so escheated or forfeited, at the time of such escheat or forfeiture, and all persons in possession of such real property. Where the names of the de…
§ 203. Effect of judgment in favor of people. A final judgment in favor of the people in an action authorized as set forth in section two hundred one is conclusive as to the title of the people in and to the premises described in said judgment against any and all parties in said action, including unknown defendants, an…
§ 204. Sale of property recovered. Upon the rendering of final judgment in an action authorized by section two hundred one, the commissioner of general services may sell or transfer the property as unappropriated land in accordance with the provisions of article three of the public lands law.
§ 205. Report by attorney-general. The attorney-general shall report to the commissioner of general services all the real property recovered by the people in any action brought pursuant to this article.
§ 206. Petition for release of escheated lands. 1. Where there is good reason to believe that real property shall have escheated to the state and final judgment shall not have been entered as hereinbefore provided, a petition for the release to the petitioner of any interest in real property believed to have escheated…
§ 207. Proceedings on receipt of petition. Prior to the presentation of such petition, the petitioner shall cause to be personally served upon each person who would have succeeded to any interest in said land but for the alienage of such person or another or for any other rule of legal incapacity hereinbefore mentioned…
§ 208. Release. 1. The commissioner shall make his determination and enter an order accordingly. The commissioner may agreeably to the best interest of the state and in his discretion, if he deems it just to all persons interested, execute in the name of the state, a release on such terms and conditions as the commissi…
§ 209. Effect of release on rights of others. No such release shall impair or affect any right, title, interest or estate in or to the lands thereby released, of any heir-at-law, devisee, grantee, mortgagee or creditor of any person having an interest in the real property released immediately prior to the escheat there…
§ 210. Protest against release. Any person may file, at any time, with the commissioner, a protest, stating his name, residence and post-office address, against the release by the state of any interest of the people of the state acquired by escheat, in any real property described in such protest.
§ 211. Lands held under written contract. Where lands have been escheated to the state and the person last seized was a citizen or capable of taking and holding real property the commissioner shall fulfill any contract made by such person or by any person from whom his title is derived, in respect to the sale of such l…
§ 212. Escheated lands subject to trusts and incumbrances. Lands escheated to the state shall be held subject to the same trusts and incumbrances to which they would have been subject if they had descended, except that where the owner or beneficiaries of such trusts or the holders of such incumbrances have been made pa…
§ 213. Condemnation awards as interest in real property. An interest in real property escheated to the state shall for the purposes of this article, be deemed to include any and all awards heretofore or hereafter made in condemnation proceedings against such escheated lands and all the provisions of this article shall…
§ 214. Receiver. At any time during the pendency of said action pursuant to section two hundred one, the court may upon application therefor appoint a receiver to conserve said property and to receive the rents, income and profits therefrom during the pendency of the action. The rents, income and profits so received, a…
§ 215. Claims against state. Where an action has been commenced and final judgment in favor of the people entered therein by reason of the escheat of real property to the people and the said property has been sold pursuant to section two hundred four, any party or parties thereto, or their successors in interest, who,…
ARTICLE III UNCLAIMED PROPERTY HELD OR OWING BY BANKING ORGANIZATIONS Section 300. Unclaimed property held or owing by banking organizations. 302. Publication of list of abandoned property. 303. Payment of abandoned property. 304. Unclaimed property held by the superintendent of financial services after liquidation. 30…
§ 300. Unclaimed property held or owing by banking organizations. 1. The following unclaimed property held or owing by banking organizations shall be deemed abandoned property: (a) Any amounts due on deposits or any amounts to which a shareholder of a savings and loan association or a credit union is entitled, held or…
§ 302. Publication of list of abandoned property. 1. Every banking organization shall cause to be published, on or before the first day of September in each year, a notice entitled: "NOTICE OF NAMES OF PERSONS APPEARING AS OWNERS OF CERTAIN UNCLAIMED PROPERTY HELD BY (name of banking organization)." 2. Such notice shal…