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