Abandoned Property Laws

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Commonly Asked Questions about Abandoned Property Laws

What is the abandoned property law in NY?

New York States Abandoned Property Law requires certain entities to transfer abandoned money or securities to the New York State Comptrollers Office of Unclaimed Funds. Entities required to report and remit unclaimed funds include, for example, banks, insurance companies, corporations and state agencies.

How long can someone leave their belongings on your property in New York state?

The prevailing custom in NY is to wait 30 days before disposing of abandoned property. Can a landlord throw out my belongings? After a certain period (varies by state), yes.

What is the dormancy period for unclaimed property in NY?

Regardless of expiration dates, these items are reportable as unclaimed funds once they meet the five-year dormancy period.

What is the finders keepers law in NY?

Abandoned property, waifs and treasure trove, and other property which is found, shall be presumed to be lost property and such presumption shall be conclusive unless it is established in an action or proceeding commenced within six months after the date of the finding that the property is not lost property.

How long does a landlord have to store tenants belongings after eviction in NY?

Nowadays, the norm has been to secure the premises for the owner, leaving the owner to determine what to do with the contents. While there is a universal custom in New York to hold on to the goods for 30 days, there is no law on the books, no precedents for guidance, just this universal custom.

How long can someone leave their belongings on your property in NY?

While there is a universal custom in New York to hold on to the goods for 30 days, there is no law on the books, no precedents for guidance, just this universal custom.