N.Y. General Business Law 164 – Disposition of undelivered moneys
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§ 164. Disposition of undelivered moneys. Every steamship company, express company, or other company, to which moneys received for transmission are returned for the reason that the same cannot be delivered shall forthwith notify the transmitter thereof by mailing written notice to such transmitter at his last known address. If such money be unclaimed for a period of ninety days after such notice, such company shall immediately turn over such money to the state comptroller who shall maintain the same as a capital revolving fund for the purpose of paying claimants thereof. After such moneys have remained unclaimed in the hands of the comptroller for five years, the same shall escheat to the state.
Terms Used In N.Y. General Business Law 164
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC