Making the Most of Unclaimed Property in New York

Locate NY state unclaimed property to use in your business

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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

• 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.

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