N.Y. State Finance Law § 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.