Breaking News: New York Budget Approval Means Abandoned Property Law Changes Coming Soon

by admin

As reported in a variety of sources, including The Daily News, the Albany Times-Union, and  Bloomberg (the financial news site, not the Mayor) New York state legislators reached an agreement with Governor Cuomo regarding the $132.5 billion budget.  As we discussed here previously, the Governor’s initial budget proposal relied upon a variety of changes to the New York APL to increase revenue.

The final budget bill includes a variety of changes to New York’s Abandoned Property Law.  Among the changes are the following:

  • Dormancy period for bank deposits shortened to 3 years (from 5);
  • Dormancy period for property held by courts shortened to 3 years (from 5);
  • Dormancy period for escrows/security deposits shortened to 3 years (from 5).

When the N.Y. Office of Unclaimed Funds publishes guidance concerning the new laws, we will post a link.