Grand larceny is a serious form of theft in New York and is classified into four degrees of severity depending on multiple factors as defined by the New York Theft laws and it’s accompanying sentences if convicted.
In this article we will explain what Larceny means, what grand larceny means, state examples and bring to your knowledge what the law says on this offense.
Larceny is defined as the unlawful coveting or taking of a personal belonging of another person or the property of a business with the intention to deprive the rightful owners of it. It is a crime that is punishable by law.
In New York, the crime of larceny has been classified under petit larceny, grand larceny and aggravated grand larceny by the New York penal code.
What is grand larceny NYC?
Grand larceny is defined as the theft or taking of property exceeding thousand US dollars in value. It is further divided into four degree classifications namely:
This involves the theft of items with value that exceeds $1000 but $3000 or below. It carries a prison sentence of up to 4 years and fines.
3rd degree grand theft
This classification involves the theft of property with value exceeding $3000 but less than $50,000. A guilty verdict carries a sentence of up to 7 years in prison and fines.
2nd degree grand theft
This class involves the theft of property that exceeds $50,000 in value but less than $1,000,000. The sentence if found guilty is up to 15years in prison and fines.
1st degree grand theft
This class involves the value of stolen property exceeding $1,000,000. A sentence of prison time up to 25 years can be expected.
Grand larceny is a felony and is punishable by prison terms in excess of four years and fines. The crime was first punishable under the English common law and has remained so in many common law jurisdictions.
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