N.Y. Abandoned Property Law Section 1415
Deduction of certain charges

No deduction shall be made for service, handling or maintenance charges from property subject to the abandoned property law, by the holder of such property, unless such deduction is made pursuant to:


the laws of the state of New York including therein the regulations of the New York state department of financial services; or


a valid contract which provides, specifically, that the deduction shall not be refundable or otherwise restored to the owner; and such deduction is made in the normal course of business of the holder.

Source: Section 1415 — Deduction of certain charges, https://www.­nysenate.­gov/legislation/laws/ABP/1415 (updated Sep. 22, 2014; accessed Dec. 2, 2023).

Dec. 2, 2023

Last modified:
Sep. 22, 2014

§ 1415’s source at nysenate​.gov

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