Bill > S04109

This bill extends the period for claiming unclaimed property from three to five years across multiple sections of New York's Abandoned Property Law. The bill modifies various provisions related to different types of unclaimed assets, including bank deposits, securities, wages, life insurance policies, and other financial instruments. Specifically, the legislation changes the timeframe during which property is considered "unclaimed" from three successive years to five successive years before it can be deemed abandoned and potentially transferred to state control. This means that financial institutions, brokers, insurance companies, and other holders of assets must wait five years (instead of the previous three years) before considering property abandoned if it remains unclaimed and no communication has been received from the owner. The change aims to give property owners a longer window to reclaim their assets and potentially reduce the number of assets that are transferred to state custody. The bill applies to a wide range of financial assets and affects multiple sections of New York's legal code, providing a uniform extension of the unclaimed property holding period across different types of financial accounts and instruments.