Abandoned Property Dormancy Periods in New York

Business Finance

Property Type	Presumed Abandoned After
Bank account	Demand, savings, time, and other deposit accounts: five years
Checks or drafts	five years Includes vendor checks
Demutualization proceeds	two years
Gift certificates, gift cards, and credit memos	Gift certificates: five years
Insurance policies	Life or annuity policies: three years The presumed maturity of an insurance policy is three years.
IRAs or retirement funds	no specific provision
Money orders	Money orders issued by banks: five years All other money orders: seven years.
Other intangible personal property not otherwise specified	excess from a sale of pledged property: six years (one year if from a pawn broker) funds held by sales or insurance finance companies: three years Other property: two years
Proceeds from class action suits	no specific provision
Property distributable by a business association in the course of dissolution	no specific provisions
Property held by courts or public agencies	Property held by state courts or condemnation awards: five years Property held by federal courts: 10 years Property held by federal government agencies: seven years.
Property held by fiduciaries	escrow funds held by a title company: three years Other escrow funds: five years Other property held by fiduciaries: three years
Safe deposit boxes	three years
Shares in a financial institution	no specific provision
Stocks, dividends, and distributions	three years
Traveler's checks	Traveler's checks issued by a bank: five years Other traveler's checks: 15 years.
Deposits and advances owed utility company customer	deposits, refunds, and advances: two years
Wages or salaries	Wages or salaries held by the NYS Department of Labor: one year Other wages or salaries: three years