Learn More - Click Here!

Thread Options
#1808730 - 04/26/13 08:02 PM safe deposit box contents
Starter Offline
Platinum Poster
Starter
Joined: Aug 2004
Posts: 513
NJ
Does NY Abandoned Property Law mention contents found in a safe deposit box and the timeframe for escheatment?
Last edited by Starter; 04/26/13 08:02 PM.
Return to Top
#1808841 - 04/28/13 03:28 PM Re: safe deposit box contents Starter
William J. Ludwig Offline
100 Club
William J. Ludwig
Joined: Oct 2000
Posts: 114
New York, New York USA
From New York State Office of Unclaimed Funds - Handbook

Safe Deposits

The procedures for opening safe deposit boxes for non-payment of rent are in Section 335 of New York’s Banking Law.

The law requires you to report cash, including the net proceeds from an auction, and securities three years from the date of the box’s opening. It also requires you to report the proceeds resulting from an auction of property held in excess of three years as of June 30 of the year in which you received the proceeds.

You are not required to hold an auction, but if you do, the net proceeds are reportable on a box-by-box basis after subtracting the auctioneer’s expenses and reasonable bank fees.

Do not report coins, including U.S. coins such as silver dollars, with an apparent market value in excess of face value at face value or offset them against bank fees. You should retain and auction them.

Do not report Series E bonds to us. Retain them or forward them to:
Department of the Treasury
Fiscal Service
Parkersburg, WV 26101

You must retain papers and property of no apparent value for at least ten years, in accordance with Section 335.1(f) of New York’s Banking Law.

Do not report negotiable instruments found in a safe deposit box as abandoned property. If appropriate, the issuing organization will report the underlying funds.
_________________________
Opinions expressed are mine (since I'm retired).

Return to Top