2023 New York Laws › STF - State Finance › Article 6 - Funds of the State › 95 - Abandoned Property Fund.

§ 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
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
section ninety-two-t of this article.