Unclaimed Property in New York
Locate NY state unclaimed property to use in your businessA 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.
Find agencies that handle state of New York unclaimed property
Participate in a New York abandoned property auctionMost states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Search for New York unclaimed property in your citySome 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.
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.
- 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.
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