Legal Question in Business Law in New York

unclaimed assets

nys law: no agreement to locate property held by the comptroller is valid unless that agreement: is in writing & signed by property owner, discloses nature of property and holder.

I am looking to start a business whereby I search for names on govt listings of unclaimed assets for people and businesses. I would like to sell my research services for a flat fee in advance, as a researcher. I do not intend to get into an agreement where I collect a percentage fee or I process their claims. Am I held to this statue? Thanks.


Asked on 3/24/07, 5:40 pm

1 Answer from Attorneys
Johm Smith tom's

Re: unclaimed assets

Assuming this is automated, nothing is stopping you from doing searches and then entering into an agreement when you find a match for an owner. My firm focuses on Internet and entertainment law.

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Answered on 3/24/07, 6:27 pm


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