N.Y. Laws » CHAPTER Abandoned Property / ARTICLE Unclaimed or Abandoned Property In the Possession, Custody or Control of the United States of America
New York Consolidated Laws

N.Y. Abandoned Property Law § 1223 (2026)

Alternative to escheat

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 1223. Alternative to escheat.  If it appears from the records of the
United States that the rightful owner of any property subject to escheat
under this article has not made claim thereto for seven years and the
attorney general does not deem it advisable to institute an escheat
proceeding with respect thereto, or has instituted such a proceeding but
has not obtained a judgment of escheat therein, such unclaimed property
may be deemed abandoned property and shall be paid or delivered to the
state comptroller for disposition in accordance with the provisions of
this chapter and the provisions of section ninety-five of the state
finance law.
Notes of Decisions
Cited in 3 cases, 1988–1991 · leading case: Abrams v. Brady, 573 N.E.2d 556 (N.Y. 1991).
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Abrams v. Brady, 573 N.E.2d 556 (N.Y. 1991). “Reasoning that the Act "cannot operate retroactively to cut off any matured substantive rights,” the court held that, pursuant to the self-executing escheat provisions contained in Abandoned Property Law § 1223, the State was entitled to "any tax refunds held by respondent,…”
Abrams v. Brady, 143 Misc. 2d 233 (N.Y. Sup. Ct. 1989). · cites it 2× “Abandoned Property Law § 1223 explicitly provides for the payment or delivery of abandoned property to the State Comptroller even in the absence of a judgment of escheat, thereby creating substantive rights in the State of New York which matured prior to the effective date of 26…”
Abrams v. Baker, 141 Misc. 2d 882 (N.Y. Sup. Ct. 1988). “However, Abandoned Property Law § 1223 provides the following alternative to escheat: "If it appears from the records of the United States that the rightful owner of any property subject to escheat under this article has not made claim thereto for seven years and the attorney…”
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