Property is generally considered abandoned or unclaimed if the existence and location of the owner is unknown for an extended period of time—often three years. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
In New York, property is deemed abandoned or unclaimed when there has been no activity or contact with the owner for a period that typically spans three years. This includes various types of property such as inactive bank accounts, stocks, bonds, uncashed checks, insurance benefits, unpaid wages, and contents of safe deposit boxes. Businesses holding such property are required to attempt to notify the owner, and if unsuccessful, they must turn the property over to the New York State Comptroller's Office, which is responsible for unclaimed property. The Comptroller's Office maintains a database where individuals can search for and claim their unclaimed property. The process of claiming involves providing proof of ownership and submitting a claim form. There is no statute of limitations for claiming unclaimed property in New York, meaning individuals can claim their property at any time.