Unclaimed Property in New York Basics
Locate NY unclaimed property for your businessUnclaimed property in New York basics define unclaimed property as property that has not been claimed for a specified period of time, known as the abandonment period. Financial institutions and other businesses routinely report unclaimed property to the state of New York and are generally required to turn it over to the state once the abandonment period expires.
The state is required by federal law to administer New York state unclaimed property once the abandonment period has expired. New York has state laws that specify the procedures for locating the owners of unclaimed property that is in its custody. There are generally three types of information sources for unclaimed property in New York:
- The state government. The official New York abandoned property site maintains the state’s property database, and other government departments may offer basic information on unclaimed property.
- Third parties. Businesses and other private organizations may provide free information on unclaimed property, in addition to selling unclaimed property services in New York.
- Local jurisdictions. Generally, each county and city in New York has specific procedures for locating owners of unclaimed property before the abandonment period expires.
Find state agencies that deal with abandoned property in New York
Learn about abandoned property in NY from private sourcesThere are many businesses that provide searches of NY abandoned property. While these companies may charge a fee for these services, they often provide free information about unclaimed property in New York.
Look for NY state unclaimed property in local jurisdictionsUniversities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
City of New York Police Department holds periodic auctions of unclaimed property in its possession. The Nassau County Police Department outlines its procedures for holding unclaimed property in that county.
- NYS unclaimed property is administered by the state as a result of the Uniform Unclaimed Property Act. This act was last revised in 1995 and specifically deals with unclaimed property that is in the custody of businesses. These funds frequently can be located in databases that contain the property of more than one state.
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