The State’s Abandoned Property Law requires banks, insurance companies, utilities, and other businesses to turn dormant savings accounts, unclaimed insurance and stock dividends, and other inactive holdings over to the State. If there has been no activity in the account for a set period of time, usually between two and five years, the money or property is considered unclaimed or abandoned. Although Section 1402 of the Abandoned Property Law has a $20 threshold for such listing, the Comptroller uses a "$50 threshold” for the listings on his Internet website.
Periodically NYPPL provides a sample listing of abandoned property being held by the New York State Comptroller. Below are some randomly selected “New York State” governmental entities currently listed on the Comptroller’s “abandoned property” website. Searching the site requires some “detective skills,” however, as the name of the property owner is not always accurately identified by the entity depositing the property with the Comptroller.
For example, the entity may be reported merely as:
FLEET BANK N A |
However, more often the names are more accurately reported, such as:
CONAGRA FOODS LAMB WESTON INC | ||
NIAGARA MOHAWK POWER CORP | ||
NCS PEARSON INC | ||
ADVISORY SERVICES CORP |
PEARSON EDUCATION INC | ||
STERLING LIFE INSURANCE CO | ||
NEW YORK TELEPHONE CO | ||
CDW LLC | ||
OFFIC |
UBS SECURITIES LLC | ||
EXAMINATION MGMT SERVICES INC | ||
SABRE HOLDINGS CORP | ||
DELL USA LP | ||
ONONDAGA COUNTY DEPT OF FINANCE | ||
NATIONWIDE MUTUAL INSURANCE CO | ||
RELX INC & AFFILIATES | ||
FASTENAL COMPANY | ||
ACUITY SPECIALITY PRODUCTS INC | ||
COCA COLA REFRESHMENTS USA INC | ||
SYSTEMAX INC |
OFFICE EQUIPMENT SOURCE INC | ||
SAFETY KLEEN SYSTEMS INC | ||
AMBIT HOLDINGS LLC | ||
AMBIT HOLDINGS LLC | ||
AFLAC OF NEW YORK | ||
FIRST AMERICAN TITLE CO |
Interested entities [including individuals] may begin searches via http://www.osc.state.ny.us/ouf/index.htm