§ 95 — Abandoned property fund

§ 95. Abandoned property fund. 1. The state comptroller shall maintain\na special fund to be known as the abandoned property fund. Such fund\nshall consist of all moneys paid to him pursuant to the provisions of\nthe abandoned property law and all moneys which by law are required to\nbe paid into such fund. All personal property, other than money,\ndelivered to him pursuant to the abandoned property law, or which by law\nshall be delivered to him for the benefit of such fund, shall be\nretained by him until sold pursuant to the provisions of the abandoned\nproperty law in trust for the benefit of such fund.\n 2. Annually, the comptroller shall file with the director of the\nbudget an itemized estimate of the expenses for the administration of\nthe abandoned property fund for the ensuing year. The director of the\nbudget may revise and amend such estimate. After such revision and\namendment, if any, such director shall approve the same for inclusion in\nthe executive budget. No moneys shall be paid out of the abandoned\nproperty fund for expenses unless expenditures therefor shall have been\nauthorized by law; provided, however, that the expenses for the\nadministration of the provisions of the abandoned property law paid by\nthe state comptroller pursuant to an appropriation, shall be reimbursed\nby a transfer of funds no more frequently than monthly, from any balance\nremaining in the abandoned property fund prior to any payment made\npursuant to the provisions of subdivision three of this section.\n 3. Whenever the amount of moneys in the abandoned property fund as of\nthe last day of any month shall exceed the greater of the sum of six\nmillion dollars or an amount which in the comptroller's sole discretion\nis necessary to satisfy claims against such fund during the immediately\nsucceeding month, the comptroller shall draw a warrant or voucher upon\nsuch special fund for the amount in excess of such sum and shall pay\nsuch amount into the state treasury to the credit of the general fund.\nNotwithstanding the foregoing, the comptroller and the director of the\nbudget or their respective designees shall review the balance remaining\nin the abandoned property fund as of the last day of the months of\nMarch, June, September and December in each year, as soon as practicable\nafter each such date, and may mutually agree upon an amount to be paid\nfrom such fund into the state treasury to the credit of the general\nfund, which may cause the balance in such fund to fall below six million\ndollars; provided, however, in no event shall the amount of moneys in\nthe abandoned property fund exceed seven hundred fifty thousand dollars\nat the end of the last day of the fiscal year.\n 4. All moneys in the abandoned property fund shall be deposited by the\nstate comptroller in one or more state banks, trust companies or savings\nbanks. Any interest received by the comptroller upon any such deposit\nand any interest or other moneys received by him on account of any\npersonal property other than money, retained by him for the benefit of\nsuch fund, shall be the property of the state and shall be credited to\nsuch fund.\n 5. (a) As often as necessary, the co-chairs of the state board of\nelections shall certify the amount such co-chairs have determined\nnecessary to fund estimated payments from the fund established by\nsection ninety-two-t of this article for the primary, general or special\nelection.\n (b) Notwithstanding any provision of this section authorizing the\ntransfer of any moneys in the abandoned property fund to the general\nfund, the comptroller, after receiving amounts sufficient to pay claims\nagainst the abandoned property fund, shall, based upon a certification\nof the state board of elections pursuant to paragraph (a) of this\nsubdivision, and at the direction of the director of the budget,\ntransfer the requested amount from remaining available monies in the\nabandoned property fund to the campaign finance fund established by\nsection ninety-two-t of this article.\n