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January 21, 2020

Searching for abandoned property being held by the New York State Comptroller


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

CAUTION

Subsequent court and administrative rulings, or changes to laws, rules and regulations may have modified or clarified or vacated or reversed the decisions summarized here. Accordingly, these summaries should be Shepardized® or otherwise checked to make certain that the most recent information is being considered by the reader.
THE MATERIAL ON THIS WEBSITE IS FOR INFORMATION ONLY. AGAIN, CHANGES IN LAWS, RULES, REGULATIONS AND NEW COURT AND ADMINISTRATIVE DECISIONS MAY AFFECT THE ACCURACY OF THE INFORMATION PROVIDED IN THIS LAWBLOG. THE MATERIAL PRESENTED IS NOT LEGAL ADVICE AND THE USE OF ANY MATERIAL POSTED ON THIS WEBSITE, OR CORRESPONDENCE CONCERNING SUCH MATERIAL, DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP.
NYPPL Blogger Harvey Randall served as Principal Attorney, New York State Department of Civil Service; Director of Personnel, SUNY Central Administration; Director of Research, Governor’s Office of Employee Relations; and Staff Judge Advocate General, New York Guard. Consistent with the Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations, the material posted to this blog is presented with the understanding that neither the publisher nor NYPPL and, or, its staff and contributors are providing legal advice to the reader and in the event legal or other expert assistance is needed, the reader is urged to seek such advice from a knowledgeable professional.
New York Public Personnel Law. Email: publications@nycap.rr.com