Making the most of unclaimed property in New York will require you to determine the holder of the property. Cities and counties may serve as custodians of unclaimed property until certain criteria are met. At that time, custodianship of the property is then turned over to the state. This allows claimants to search for their property in a central location.

NYS unclaimed property can be an inexpensive way to obtain business equipment as companies frequently lose property through misfortune or carelessness. The appropriate agency will require specific forms and procedures in order to approve your claim on the property. Unclaimed property generally falls into one of the following categories:

1. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.

2. New York abandoned property that the original owner is unlikely to claim. This is commonly a wrecked vehicle or real estate with delinquent taxes but may also include a treasure trove. Property owners usually have a superior claim to a treasure trove than a trespasser who discovers the property.

3. New York state unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

Action Steps
The best contacts and resources to help you get it done

Find agencies that handle state of New York unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.

I recommend: The New York State Office of the State Controller allows you to search for unclaimed funds in New York by name and city. unclaimedfundsprocessing.com maintains a current list of people owed money by New York state.

Learn more about the laws regarding New York unclaimed property

Each state has laws regarding the disposition of abandoned property. NY laws should specify the conditions that allow the state to assume custodianship of the property and any conditions that allow the property to revert to the state.

I recommend: The New York State Legislature has the laws regarding unclaimed property in New York. The American Bar Association has an analysis of the unclaimed property laws in New York as they pertain to pre-paid cards.

Buy a vehicle in an NY unclaimed property auction

Look at the various auctions that occur regularly throughout New York if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.

I recommend: The Property Clerk for the New York City Police Department conducts regular auctions of unclaimed property in its possession. The Sheriff's Office of Erie County conducts an annual auction to dispose of unclaimed vehicles.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in New York to the state is called escheatment and legal documents may therefore refer to the property as escheat. Businesses usually encounter escheat in the form of an unclaimed pay check and are generally required to make a good faith effort to find the owner.

A court may classify unclaimed property in New York as abandoned, lost or mislaid. These classifications have their origins in common law and can therefore be difficult to interpret under modern legal systems. Property that the original owner fails to claim after a specified number of years generally belongs to the finder. However, a property owner usually has a superior claim to property that a trespasser discovers.

There are specific forms and procedures to follow when claiming NY unclaimed property. Generally, the state serves as the custodian for abandoned property in New York until the appropriate agencies review and approve the finder’s claim on the abandoned property. NY unclaimed property can be an inexpensive way to obtain equipment for your business.

There are general types of New York state unclaimed property:

1. Liquid assets such as a dormant bank account, safe deposit contents, unclaimed deposits or refunds, uncashed checks and unused insurance benefits;

2. Abandoned property the original owner is unlikely to return to claim. Certain property such as wrecked cars, ships or aircraft may belong to the state;

3. Property confiscated by law enforcement or repossessed by a loan company. These items are frequently auctioned off to the public.

Action Steps
The best contacts and resources to help you get it done

Find agencies that handle state of New York unclaimed property

Beware of sites that charge you a fee to help you find contact information for the New York unclaimed property division. This information should be available from your state government at no charge.

I recommend: Sign up to use the National Unclaimed Property Database for free. It offers a search of both federal and state agencies. The New York Treasury Department keeps a database of unclaimed property that it holds that allows you to search by name and city.

Participate in a New York abandoned property auction

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.

I recommend: JustStolen.net provides a service that allows police departments to auction unclaimed evidence. Policeauctions.com offers auctions on a range of seized property and offers free sign-up.

Search for New York unclaimed property in your city

Some cities in New York have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.

I recommend: The property clerk for New York City keeps property related to crimes and conducts regular public auctions. The property division of the Syracuse Police Department is responsible for keeping lost, stolen and recovered property. Contact the department by phone to learn about its unclaimed property auctions.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in New York to the state is called escheatment. In business, this is most commonly an unclaimed paycheck and each company must file an unclaimed property report. The company must also make a good faith effort to find the owner.

Unclaimed property in New York laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

NYS unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:

1. Lost property is found where the owner did not intend to leave it and is not likely to find it. The finder of NY state unclaimed property is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
3. Abandoned property in NY is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. New York abandoned property belongs to the finder.
   

Action Steps
The best contacts and resources to help you get it done

Study the laws that relate to owners of New York state unclaimed property

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The New York State Comptroller is in charge of locating unclaimed property for an individual.

I recommend: The New York Better Business Bureau discusses the obligations of the state to return unclaimed property to the owner. Sony BMG Music Entertainment provides instructions for artists to claim their royalties under New York unclaimed property law.

Review the laws that are specific to holders of state of New York unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.

I recommend: SALT Link provides an overview of the holding requirements for unclaimed property in New York. Cornell University Law School discusses a landmark case involving unclaimed tax refunds of New York residents being held by the United States.

Examine state of New York unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.

I recommend: The New York State Office of the State Comptroller provides the laws on finder's fees for unclaimed property in New York. The New York State Museum discusses the rights of finders with respect to treasure troves.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The Uniform Unclaimed Property Act is a key piece of federal legislation that affects NY unclaimed property. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.