New York § 1319 - 1319Unclaimed virtual currency

§ 1319. 1319Unclaimed virtual currency

§ 1319. Unclaimed virtual currency. 1. Any virtual currency held or owing by any banking organization, corporation or other entity engaged in virtual currency business activity which shall have remained unclaimed by the person entitled thereto for a period of five years shall be deemed abandoned property if: (a) the last known address of the person entitled to such virtual currency as shown on the books and records of the entity engaging in the virtual currency business activity is located in the state; or (b) the last known address of the person entitled to such virtual currency is not shown on the books and records of the entity engaging in the virtual currency business activity and the entity is incorporated in this state. 2. (a) Any virtual currency held or owing by a banking organization, a corporation or other entity engaged in virtual currency business deemed abandoned under this section as of the thirtieth day of the preceding June shall be paid or delivered to the comptroller on or before the tenth day of the next succeeding November. (b) Payment or delivery shall be accompanied by a true and accurate report setting forth information relating to such abandoned property as the comptroller may require. 3. Virtual currency reported to the comptroller pursuant to this section shall be sold on any established exchange, or by such other means as the comptroller shall deem advisable, as soon as the comptroller in his or her discretion deems practicable. 4. The proceeds of the sale of virtual currency, less all costs incurred in connection with such sale, shall be deposited by the comptroller in the abandoned property fund and any claimant to such virtual currency shall be entitled only to the proceeds of the sale of such virtual currency by the comptroller.