N.Y. PEP Law § 254

§ 254. Disposition of lost property. Except as provided in section two\nhundred fifty-six of this chapter, lost property deposited with the\npolice, and the money constituting proceeds of lost property sold as\nprovided in subdivision five of section two hundred fifty-three\nremaining after deduction of expenses as therein provided, shall be\ndisposed of as follows:\n 1. It shall be delivered to the owner, upon his demand and upon\npayment of all reasonable expenses incurred in connection therewith, if\nno written notice of any other claim to the property has been served\nupon the police having custody, and the time specified in subdivision\nseven of section two hundred fifty-three of this chapter has not expired\nor, if such period has expired, no demand has been made by the finder or\na person entitled to assert the right of the finder as provided in\nsection two hundred fifty-six of this chapter.\n 2. If at the end of the period specified in subdivision seven of\nsection two hundred fifty-three of this chapter the owner has not\nclaimed the property, it shall be delivered to the finder, or person\nentitled to assert the rights of the finder as provided in section two\nhundred fifty-six of this chapter, upon his demand therefor, and upon\npayment of all reasonable expenses incurred in connection therewith.\n 3. If at the end of ten days after expiration of the period specified\nin subdivision seven of section two hundred fifty-three, the owner has\nnot claimed it, and no demand has been made by the finder or a person\nentitled to assert the right of the finder as provided in section two\nhundred fifty-six of this chapter, property consisting of money shall be\npaid as provided in section two hundred fifty-eight of this chapter and\nother property shall be sold at public auction and the proceeds shall be\npaid as provided in such section two hundred fifty-eight. Where the\nproperty was deposited with the state police, such sale shall be held in\naccordance with rules of the comptroller.\n