If you are in possession of, or about to take possession of and abandoned property in New York you are required under section 1407 of the State of New York Abandoned Property Law to file a New York Abandoned Property Bond as a condition of licensure.
Bonds Express offers a New York Abandoned Property Bond with a 99% approval rate.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The New York Abandoned Property Bond holds you accountable for your business decisions.
By possessing a New York Abandoned Property Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.