Quote from: shogodz89 on August 02, 2014, 01:55:20 PM

Quote from: leahsandes on July 27, 2014, 04:36:24 AM

Quote from: DeathAndTaxes on July 27, 2014, 04:06:16 AM

Quote from: taylortyler on July 27, 2014, 03:55:45 AM

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Am I reading this right?

No. No more than dollars under your mattress you don't use for 5 years belongs to NY. Abandoned property deals with THIRD PARTY accounts. So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.

Holy mother of fuck that cannot be real.

All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is.

Eh no. If you are convicted of a crime the government has no stake to take any property from you that is already yours.
The law prohibits the government from seizing property or money during incarceration, this is why people found guilty of embezzlement go to jail for a few years and come out rich as fuck. They strike a plea deal that states that they only pay a small fine and spend some time in jail, once they pay the fine the government cannot take any more money from them for the crime.

The government can seize your property that you acquired as part of your crime. If you otherwise owe money, the fact that you are incarcerated does not prevent anyone from getting a judgment against you and seizing your assets.