Wednesday, February 16, 2011

New York Looks to Abandoned Property Law Changes to Increase Budget

New York has become the most recent state to eye unclaimed property law changes as part of its annual budgeting process.  As reported by the Wall Street Journal, on February 1st Governor Cuomo submitted a $132.9 billion budget to Albany for review by the state legislature.

That same day, bill was introduced in both the state Senate and Assembly to "[e]nact[] into law major components of legislation which are necessary to implement the state fiscal plan for the 2011-2012 state fiscal year."  Included within these proposed changes are amendments that would shorten the dormancy periods of Articles III, VI, XIII of the New York Abandoned Property Law (generally, relating to banks, courts, and miscellaneous property) from 5 years to 3 years.

Those bills are currently pending with the Assembly Committee on Ways and Means and the Senate Committee on Finance, respectively.

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