Senate Bill S5385

2019-2020 Legislative Session

Extends the term for claiming unclaimed property from three to five years

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S5385 (ACTIVE) - Details

See Assembly Version of this Bill:
A3858
Current Committee:
Senate Finance
Law Section:
Abandoned Property Law
Laws Affected:
Amd §§300, 501, 511 & 700, Ab Prop L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7803, A10530
2017-2018: S1105, A3266
2021-2022: S5552, A1290
2023-2024: S2590, A224

2019-S5385 (ACTIVE) - Summary

Extends the term for claiming unclaimed property from three to five years.

2019-S5385 (ACTIVE) - Sponsor Memo

2019-S5385 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5385
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 29, 2019
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the abandoned property law, in relation to extending the
   term for claiming unclaimed property from three to five years
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs (a), (b), (c), (d), (e), (f), (g), (i) and (k)
 of subdivision 1 of section 300 of the  abandoned  property  law,  para-
 graphs  (a), (b) and (k) as amended by section 1 of part A of chapter 61
 of the laws of 2011, paragraph (c) as amended by section 5 of part T  of
 chapter  62  of the laws of 2006, paragraph (d) as amended by chapter 48
 of the laws of 1978, paragraphs (e) and (f) as amended by chapter 41  of
 the  laws  of  1987 and paragraphs (g) and (i) as added by chapter 15 of
 the laws of 1983, are amended to read as follows:
   (a) Any amounts due on deposits or any amounts to which a  shareholder
 of a savings and loan association or a credit union is entitled, held or
 owing by a banking organization, which shall have remained unclaimed for
 [three]  FIVE  years  by  the person or persons appearing to be entitled
 thereto, including any interest or dividends credited thereon, excepting
   (i) any such amount which has been reduced or increased, exclusive  of
 dividend or interest payment, within [three] FIVE years, or
   (ii)  any  such  amount  which is represented by a passbook not in the
 possession of the banking organization, which  has  been  presented  for
 entry of dividend or interest credit within [three] FIVE years, or
   (iii)  any  such amount with respect to which the banking organization
 has on file written evidence received within [three] FIVE years that the
 person or persons appearing to be entitled to such amounts had knowledge
 thereof, or
   (iv) any such amount payable only at or by a branch office located  in
 a  foreign  country,  or  payable  in  currency other than United States
 currency, or
   (v) any such amount that is separately identifiable and has  been  set
 aside to meet the burial and related expenses of an individual, provided
 however  that  said  amount  shall be deemed abandoned property where it
              

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