New York Comptroller May Have Funds to Satisfy Your Debt Collection Case

A tornado of money that represents debt collection and the comptroller.Looking for assets to satisfy your New York debt collection claim? According to this week’s New York Post, New York’s comptroller may have money that can satisfy your debt collection claim.

The article highlights monies being held for the wealthy including the Trump Association, President Donald Trump, Jeff Bezos and more.

Although not part of the inviting headline, New York also holds money for those who are delinquent payors owing monies to others. In collection terms “debtors’.

According to the article:

DiNapoli’s office oversees $16 billion in unclaimed funds in 40 million different accounts, which comes out to an average of $400. He has returned $4.36 million in unclaimed funds to payees this year.

The largest claim ever paid by the comptroller was $5.2 million to an individual for a stock claim, and the biggest current outstanding claim is more than $8 million for an estate.

Retrieving Monies From the Comptroller

Each state has an escheatment process requiring financial institutions to report property that has been abandoned or unclaimed after a period of time. If unclaimed by the owner, title or ownership transfers to the state. Although the change in ownership to the state was designed to protect the rightful owners and public from benefitting from “abandoned funds,” the state can benefit as well. The state can use the funds for its own purpose.

“The outstanding funds mostly involve old bank accounts, uncashed checks, utility deposits, stocks and insurance money that firms and the government are required to report to the comptroller if they’re not claimed by the payee,” the New York Post states.

How the Comptroller Can Help Your Debt Collection Case

Although the amounts owed are not listed on the public site, the beneficiaries are. Monitoring the site periodically using your debtor’s name to verify if the state owes your debtor money may yield recovery on your debt collection claim. You can search for individuals or businesses here.

We have located funds owed to judgment debtors which we then quickly restrained and levied to partially or wholly satisfy our clients’ judgments. A list of the various industries and rules for reporting and transferring abandoned funds to New York can be accessed at the state’s website.

On our blog, we discussed how monies held by the New York comptroller’s office can be used to satisfy New York judgments. In addition to locating monies owed to clients on the comptroller’s site, you can also find monies owed to yourself or relatives. By merely completing the requisite forms and submitting the request online, you and your family members can reclaim your funds.

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