1416 - Restriction on agreement to locate abandoned property. - New York Statutes

§ 1416. Restriction on agreement to locate abandoned property. 1. No agreement to locate property held by the comptroller pursuant to this chapter shall be valid unless that agreement: (a) is in writing and signed by the property owner; (b) discloses the nature of the property; and (c) discloses the name and address of the holder. 2. No such agreement shall be valid if it provides for payment of a fee in excess of fifteen percent of the value of recoverable property. 3. Nothing in this section shall be construed to prevent an owner from asserting, at any time, that any agreement to locate property held by the comptroller is based on an excessive or unjust consideration.