N.Y. General Municipal Law 250 – Lost and found property
§ 250. Lost and found property. The governing boards of municipal corporations may by resolution enact rules and regulations for administering the provisions of Article 7-b of the personal property law and may provide the following:
Terms Used In N.Y. General Municipal Law 250
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Personal property: All property that is not real property.
(a) the designation of a public officer to accept and keep custody of found property and found instruments;
(b) procedures for determining the value and for estimating the net sum likely to be realized by sale at public auction of lost property as defined in Article 7-b of the personal property law;
(c) a procedure for the disposition of derelict automobiles and other property having no value or salvage value only;
(d) longer or shorter periods of time for the report and deposit of found property and instruments by specified classes of persons having possession thereof or for either such report or such deposit, provided, however, that such rules and regulations so enacted by a county or town shall not supersede rules and regulations with respect to time for report and deposit, or for either report or deposit, so enacted by any municipal corporation within its limits, except to such extent as may be provided by an agreement pursuant to section two hundred fifty-one of this chapter;
(e) provisions for notices, reports, storage, and sales of found property not inconsistent with the provisions of Article 7-b of the personal property law;
(f) the payment of proceeds from the sale of lost property as defined in Article 7-b of the personal property law into a public fund other than the treasury of the municipal corporation.