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#1924766 - 05/20/14 04:14 PM Abandoned propery
BSA_Jay Offline
Member
BSA_Jay
Joined: Mar 2010
Posts: 72
New York
Good afternoon all, posting this question on behalf of a colleague.

In regards to abandoned property (we are in NY), if we have an account on our books from another state, how exactly is that handle? NYS has stated that they do not want the funds sent to them, so do we abide by the other state's laws?
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#1924780 - 05/20/14 04:30 PM Re: Abandoned propery BSA_Jay
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
For escheat laws, they go by the state laws of the last known address of the owner (deposit holder), not the address of the financial institution or where it is headquartered. I believe that change occurred in 1997.
Last edited by Rocky P; 05/20/14 04:40 PM. Reason: added thought
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#1924787 - 05/20/14 04:39 PM Re: Abandoned propery BSA_Jay
BSA_Jay Offline
Member
BSA_Jay
Joined: Mar 2010
Posts: 72
New York
Thank you.
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