N.Y.
State Finance Law Section 95
Abandoned property fund
1.
The state comptroller shall maintain a special fund to be known as the abandoned property fund. Such fund shall consist of all moneys paid to him pursuant to the provisions of the abandoned property law and all moneys which by law are required to be paid into such fund. All personal property, other than money, delivered to him pursuant to the abandoned property law, or which by law shall be delivered to him for the benefit of such fund, shall be retained by him until sold pursuant to the provisions of the abandoned property law in trust for the benefit of such fund.2.
Annually, the comptroller shall file with the director of the budget an itemized estimate of the expenses for the administration of the abandoned property fund for the ensuing year. The director of the budget may revise and amend such estimate. After such revision and amendment, if any, such director shall approve the same for inclusion in the executive budget. No moneys shall be paid out of the abandoned property fund for expenses unless expenditures therefor shall have been authorized by law; provided, however, that the expenses for the administration of the provisions of the abandoned property law paid by the state comptroller pursuant to an appropriation, shall be reimbursed by a transfer of funds no more frequently than monthly, from any balance remaining in the abandoned property fund prior to any payment made pursuant to the provisions of subdivision three of this section.3.
Whenever the amount of moneys in the abandoned property fund as of the last day of any month shall exceed the greater of the sum of six million dollars or an amount which in the comptroller’s sole discretion is necessary to satisfy claims against such fund during the immediately succeeding month, the comptroller shall draw a warrant or voucher upon such special fund for the amount in excess of such sum and shall pay such amount into the state treasury to the credit of the general fund. Notwithstanding the foregoing, the comptroller and the director of the budget or their respective designees shall review the balance remaining in the abandoned property fund as of the last day of the months of March, June, September and December in each year, as soon as practicable after each such date, and may mutually agree upon an amount to be paid from such fund into the state treasury to the credit of the general fund, which may cause the balance in such fund to fall below six million dollars; provided, however, in no event shall the amount of moneys in the abandoned property fund exceed seven hundred fifty thousand dollars at the end of the last day of the fiscal year.4.
All moneys in the abandoned property fund shall be deposited by the state comptroller in one or more state banks, trust companies or savings banks. Any interest received by the comptroller upon any such deposit and any interest or other moneys received by him on account of any personal property other than money, retained by him for the benefit of such fund, shall be the property of the state and shall be credited to such fund.5.
(a) As often as necessary, the co-chairs of the state board of elections shall certify the amount such co-chairs have determined necessary to fund estimated payments from the fund established by § 92-T (New York state campaign finance fund)section ninety-two-t of this article for the primary, general or special election.(b)
Notwithstanding any provision of this section authorizing the transfer of any moneys in the abandoned property fund to the general fund, the comptroller, after receiving amounts sufficient to pay claims against the abandoned property fund, shall, based upon a certification of the state board of elections pursuant to paragraph (a) of this subdivision, and at the direction of the director of the budget, transfer the requested amount from remaining available monies in the abandoned property fund to the campaign finance fund established by § 92-T (New York state campaign finance fund)section ninety-two-t of this article.
Source:
Section 95 — Abandoned property fund, https://www.nysenate.gov/legislation/laws/STF/95 (updated Apr. 24, 2020; accessed Oct. 26, 2024).
