Unclaimed Property in New York Laws and Regulations

Use New York unclaimed property laws and regulations to return and locate unclaimed property
By Emmet McMahan 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.
   

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.
Try: 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.
Try: 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.
Try: 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.

• 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.