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