2023 New York Laws › ABP - Abandoned Property › Article 14 - General Provisions › 1405 - Accrual of Interest After Payment of Abandoned Property to the State Comptroller.

§ 1405. Accrual of interest after payment of abandoned property to the
state comptroller. 1. (a) Notwithstanding any other provision of law, no
owner  of  abandoned  property  shall be entitled to receive interest on
account of such abandoned property from and after the date a payment  of
such  abandoned  property  is  hereafter  made  to the state comptroller
pursuant to this chapter or any  law  relating  to  abandoned  property,
whether  or  not  he  was entitled to interest on such property prior to
such date, except that interest at  the  overpayment  rate  set  by  the
commissioner  of  taxation  and  finance  pursuant  to subsection (j) of
section six hundred ninety-seven of the tax  law,  less  one  percentage
point,  shall  accrue  to abandoned property hereafter paid to the state
comptroller under the following provisions  of  this  chapter,  for  the
first five years such property is held by him:
(i)  paragraph (a) of subdivision one of section three hundred of this
chapter; or
(ii) subdivision one of section four hundred of this chapter; or
(iii) paragraph (a) of subdivision one of section six hundred of  this
chapter; or
(iv) subdivision one of section ten hundred of this chapter.
(b)  No  claimant  to  abandoned property heretofore paid to the state
comptroller shall be entitled to receive interest  on  account  of  such
property,  whether  or  not he was entitled to interest on such property
prior to such payment, except that as to abandoned property paid to  the
state  comptroller  pursuant  to  the  provisions of sub-paragraphs (i),
(ii), (iii) and (iv) of subdivision one of this section no earlier  than
five   years   preceding   the  first  day  of  July,  nineteen  hundred
seventy-seven, such abandoned property shall accrue simple interest  for
that  portion of such five year period remaining after the thirtieth day
of June, nineteen hundred seventy-seven.
2. (a) Notwithstanding subdivision one of this section,  any  property
heretofore  or  hereafter  received by the state comptroller pursuant to
this chapter or  any  law  relating  to  the  disposition  of  abandoned
property,  which is subject to the interest crediting provisions of part
five hundred of foreign assets control regulations,  part  five  hundred
fifteen  of Cuban assets control regulations or part five hundred twenty
of foreign funds control regulations of the United States department  of
the  treasury,  shall  be credited with interest at a rate not less than
the maximum rate payable on the shortest time deposit available  in  any
domestic bank in this state.
(b)  Interest  shall  be  credited  from  the  effective  date of this
subdivision, to abandoned property subject  to  paragraph  (a)  of  this
subdivision for so long as such property continues to be subject to part
five  hundred  of  foreign assets control regulations, part five hundred
fifteen of Cuban assets control regulations or part five hundred  twenty
of  foreign funds control regulations of the United States department of
the treasury and is held by the state comptroller.