NY-ABP Abandoned Property Law NY

Short title. This chapter shall be known and may be cited as

the "Abandoned Property Law."

Declaration of policy. It is hereby declared to be the policy

of the state, while protecting the interest of the owners thereof, to

utilize escheated lands and unclaimed property for the benefit of all

the people of the state, and this chapter shall be liberally construed

to accomplish such purpose.

Definitions. As used in this chapter

(a) "Abandoned property fund" means the abandoned property fund

established by section ninety-five of the state finance law, as such

section was added by a chapter of the laws of nineteen hundred

forty-four, entitled "An act to amend the state finance law, in relation

to establishing an abandoned property fund and providing for the

transfer of certain moneys and property to such fund, and to amend the

surrogate's court act in relation to payments from such fund."

(b) "Abandoned property heretofore paid to the state" means, unless a

more limited meaning clearly appears from the context, all money or

other personal property collected or received by the state comptroller

or the department of taxation and finance pursuant to the provisions of

(i) section twenty-two hundred twenty-two of the surrogate's court

procedure act;

(ii) subdivision two of section five, sections thirty-two, one hundred

twenty-seven, one hundred seventy, two hundred fifty-seven and three

hundred fourteen of the banking law;

(iii) subsection (c) of section seven thousand four hundred

thirty-four of the insurance law;

(iv) subdivision four of section sixty-six-a and section one hundred

four-c of the public service law;

(v) section thirteen-c of the transportation corporations law;

(vi) sections eighty-four, ninety and ninety-two of the state finance

law;

(vii) section four hundred twenty-four of the vehicle and traffic law;

(viii) section one hundred thirty-eight of the navigation law;

(ix) and any earlier provision of law which embodies provisions which

are substantially the same as or equivalent to those contained in such

sections.

(c) "Banking organizations" means all banks, trust companies, private

bankers, savings banks, industrial banks, safe deposit companies,

savings and loan associations, credit unions and investment companies in

this state, organized under or subject to the provisions of the laws of

this state, or of the United States, including entities organized under

section six hundred eleven of title twelve of the United States code,

but does not include federal reserve banks. For the purposes of this

chapter, the term "banking organization" shall also include any

corporation or other organization which is a wholly or partially owned

subsidiary of any banking organization, banking corporation, or bank

holding company, which performs any or all of the functions of a banking

organization, or any corporation or other organization which performs

such functions pursuant to the terms of a contract with any banking

organization.

(d) "Infant" means a person who has not attained the age of eighteen

years.

"Infancy" means the state of being an infant.

(e) "Life insurance corporation" means any insurer corporation

organized under the laws of this state or any foreign corporation

authorized to do either one or both kinds of insurance business

authorized in paragraphs one and two of subsection (a) of section one

thousand one hundred thirteen of the insurance law, as amended from time

to time. The term life insurance corporation shall include a fraternal

benefit society as defined in section four thousand five hundred one of

the insurance law.

(f) "Utility services" means gas, electricity or steam supplied by a

gas, electric, gas and electric or district steam corporation or an

energy services company, telephone, telegraph or other service furnished

by a telephone, telegraph or telegraph and telephone corporation, water

supplied by a waterworks corporation, or appliances, equipment,

installations, fixtures or appurtenances rented by any such corporation

or ESCO.

(g) "Gift certificate" shall mean a written promise or electronic

payment device that: (i) is usable at a single merchant or an affiliated

group of merchants that share the same name, mark, or logo, or is usable

at multiple, unaffiliated merchants or service providers; and (ii) is

issued in a specified amount; and (iii) may or may not be increased in

value or reloaded; and (iv) is purchased and/or loaded on a prepaid

basis for the future purchase or delivery of any goods or services; and

(v) is honored upon presentation. Gift certificate shall not include an

electronic payment device linked to a deposit account, or prepaid

telephone calling cards regulated under section ninety-two-f of the

public service law. Gift certificate also shall not include flexible

spending arrangements as defined in Section 106(c)(2) of the Internal

Revenue Code, 26 U.S.C. § 106(c)(2); flexible spending accounts subject

to Section 125 of the Internal Revenue Code, 26 U.S.C. § 125; Archer

MSAs as defined in Section 220(d) of the Internal Revenue Code, 26

U.S.C. § 220(d); dependent care reimbursement accounts subject to

Section 129 of the Internal Revenue Code, 26 U.S.C. § 129; health

savings accounts subject to Section 223(d) of the Internal Revenue Code,

26 U.S.C. § 223(d), as amended by Section 1201 of the Medicare

Prescription Drug, Improvement, and Modernization Act of 2003, Pub. L.

No. 108-173; or similar accounts from which, under the Internal Revenue

Code and its implementing regulations, individuals may pay medical

expenses, health care expenses, dependent care expenses, or similar

expenses on a pretax basis. Gift certificate also shall not include a

prepaid discount card or program used to purchase identified goods or

services at a price or percentage below the normal and customary price;

provided that the expiration date of the prepaid discount card or

program is clearly and conspicuously disclosed. Gift certificate also

shall not include payroll cards or other electronic payment devices

which are linked to a deposit account and which are given in exchange

for goods or services rendered.

(h) "Virtual currency" shall have the same meaning as set forth in 23

NYCRR 200.2(p).

(i) "Virtual currency business activity" shall have the same meaning

as set forth in 23 NYCRR 200.2(q).

(j) "Energy services company" or "ESCO" shall mean an entity eligible

to sell energy services to end-use customers using the transmission or

distribution system of a utility.

Escheated lands. All lands the title of which shall fail from

a defect of heirs, shall revert, or escheat, to the people.

Action for recovery of property. Whenever the attorney-general

has good reason to believe that the title to, or right of possession of,

any real property has vested in the people of the state by escheat

whether from defect of heirs, alienage or otherwise, or by conviction or

outlawry for treason as provided in section eight hundred nineteen of

the code of criminal procedure, he may commence an action to recover the

property.

Parties to action. There may be made parties to such action,

all persons who would have, might have or might claim to have any

interest in or lien upon the premises so escheated or forfeited, at the

time of such escheat or forfeiture, and all persons in possession of

such real property. Where the names of the defendants are unknown, they

may be designated as "unknown defendants." The provisions of law

applicable to actions to recover real property shall apply to such

actions, except that service of the summons shall not be deemed to be

complete until, pursuant to an order of the court, the summons together

with a notice directed to the defendants setting forth the object of the

action, a brief description of the land affected, the source and manner

in and by which it is alleged that said real property shall have

escheated or forfeited to the people, and the name or names of person or

persons whose title or interest shall have so escheated or have been

forfeited, shall have been published once in each week for four

successive weeks in two newspapers designated in the order for such

publication as most likely to give notice to the defendants to be

served.

Effect of judgment in favor of people. A final judgment in

favor of the people in an action authorized as set forth in section two

hundred one is conclusive as to the title of the people in and to the

premises described in said judgment against any and all parties in said

action, including unknown defendants, and against any and all persons

claiming from, through or under such a party by title accruing after the

filing of the judgment roll or after the filing in the office of the

clerk of the county in which said real property or a part thereof is

situated, a notice of the pendency of the action.

Sale of property recovered. Upon the rendering of final

judgment in an action authorized by section two hundred one, the

commissioner of general services may sell or transfer the property as

unappropriated land in accordance with the provisions of article three

of the public lands law.

Report by attorney-general. The attorney-general shall report

to the commissioner of general services all the real property recovered

by the people in any action brought pursuant to this article.

Petition for release of escheated lands. 1. Where there is

good reason to believe that real property shall have escheated to the

state and final judgment shall not have been entered as hereinbefore

provided, a petition for the release to the petitioner of any interest

in real property believed to have escheated to the state by reason of

the failure of heirs or the incapacity, for any reason except infancy or

mental incompetency, of any of the petitioner's alleged predecessors in

interest to take such property by devise or otherwise, or to convey the

same or by reason of the alienage of any person, who but for such

alienage would have succeeded to such interest, may be presented to the

commissioner of general services within forty years after such escheat.

Such petition may be presented:

a. By any person who would have succeeded to such interest but for his

alienage or the alienage of another person, or

b. By the surviving husband, widow, stepfather, stepmother or adopted

child of the person whose interest has so escheated, or

c. By the purchaser at a judicial sale or sheriff's sale on execution,

or

d. By an heir, devisee, assignee, grantee, immediate or remote, or

executor of any person, who but for his death, assignment or grant could

present such petition, or the alleged grantee of any person or of any

association or body, whether incorporated or not, who or which would

have succeeded by devise or otherwise to the title of such person but

for his alienage or a legal incapacity to take or convey the property so

escheated, or

e. By a person having a contract to purchase made prior to the date of

escheat with the person whose interest shall have escheated.

2. Such petition shall be verified by each petitioner in the same

manner as a pleading in a court of record may be verified, and shall

allege:

a. The name and residence of each person owning any interest in such

real property immediately prior to the escheat;

b. The name and residence of each petitioner and the circumstances

which entitle him to present such petition;

c. The name and place of residence of every person who would have

succeeded to any such interest but for his alienage or the alienage of

another or any other rule of legal incapacity hereinabove mentioned

affecting an attempted transfer of such interest to such person or to or

by any of his alleged predecessors in interest;

d. The description and value, at the date of the verification of the

petition, of such real property sought to be released;

e. The description and value, at the date of the verification of the

petition, of all the property of every such owner, which shall have

escheated to the people of the state by reason of failure of heirs or

alienage and which shall not then have been released or conveyed by the

state;

f. The name and residence of each person having or claiming an

interest in such real property at the date of the verification of the

petition and the nature and value of such interest;

g. Any special facts or circumstances by reason of which it is claimed

that such interest should be released to the petitioner;

h. The name and residence of each person in possession or occupation

of the premises and the nature, if any, of the interest of such person;

i. The name and residence of each person having filed a protest with

the commissioner of general services under the provisions of section two

hundred ten.

Such petition may be filed within sixty days after its verification

with the office of general services.

Proceedings on receipt of petition. Prior to the presentation

of such petition, the petitioner shall cause to be personally served

upon each person who would have succeeded to any interest in said land

but for the alienage of such person or another or for any other rule of

legal incapacity hereinbefore mentioned affecting an attempted transfer

of such interest of such person, and each person in possession or

occupation or who has filed a protest under section two hundred ten,

whose names and places of residence are known and cause to be published

in a newspaper published in each county in which any part of said land

is situated, once in each week for three successive weeks as to those

whose names and places of residence are unknown, a notice, in form

adopted or approved by the commissioner, directed to such persons. Such

notice shall state the date on which such petition shall be filed with

the office of general services, the nature of the application, a

description of the property affected and the name of the person or

persons whose interest or interests shall have escheated to the people

of the state of New York. Such notice shall also provide that any person

or persons having a claim or right to said property equal to or superior

to the right of the petitioner may file a remonstrance with the said

commissioner on or before the date of said filing against the granting

of such petition and for the granting of a release to such person or

persons. Proof of service and of publication as aforementioned shall be

filed with the petition. The commissioner may take proof of the facts

alleged in said petition, by written or oral evidence, whether or not a

sale or release of said property was theretofore made, the value of the

property to be released, and such other facts as in his judgment are

necessary to determine the matter. If a remonstrance shall have been

presented, the commissioner may take proof of the issues raised thereby

and the relief therein asked. The commissioner may, as a condition of

hearing the matter, require the petitioner or any remonstrant to produce

witnesses or advance the expense of producing them.

Release. 1. The commissioner shall make his determination and

enter an order accordingly. The commissioner may agreeably to the best

interest of the state and in his discretion, if he deems it just to all

persons interested, execute in the name of the state, a release on such

terms and conditions as the commissioner deems just, releasing to such

person or persons as he shall have determined entitled thereto the

interest of the state in such real property so sought to be released.

2. A conveyance so made to any such person who is a parent, child,

surviving husband or widow of any such owner of any interest therein

immediately prior to the escheat, or the heirs-at-law of any such

surviving husband or widow, or the alleged grantee or any person or of

any association or body, whether incorporated or not, who or which would

have succeeded by devise or otherwise to the title of such person but

for a legal incapacity to take or convey the property so escheated shall

be without consideration, if the value, at the date of the petition, as

determined by the commissioner, of all property of any such owner

escheated to the state and not conveyed or released by the state, shall

not exceed one hundred thousand dollars, and of the property sought to

be released shall not exceed ten thousand dollars, except that any and

all expenses incurred by the state in an action to recover the property

escheated or in any action pertaining thereto, or otherwise relating to

the escheated property shall be paid by such person. Where however, the

value of the property sought to be released shall exceed the sum of ten

thousand dollars the commissioner may release the same to such person

upon the payment of the appraised value in excess of ten thousand

dollars and in addition thereto the expenses incurred by the state in an

action to recover the property as aforementioned.

3. The release shall contain a brief recital of the determinations

required to be made by the commissioner on the hearing of the petition,

remonstrance or remonstrances, and of all the terms and conditions on

which the release is made.

Effect of release on rights of others. No such release shall

impair or affect any right, title, interest or estate in or to the lands

thereby released, of any heir-at-law, devisee, grantee, mortgagee or

creditor of any person having an interest in the real property released

immediately prior to the escheat thereof, or of any person having a lien

or incumbrance thereon, through, under or by any person having an

interest therein immediately prior to the escheat.

Protest against release. Any person may file, at any time, with

the commissioner, a protest, stating his name, residence and post-office

address, against the release by the state of any interest of the people

of the state acquired by escheat, in any real property described in such

protest.

Lands held under written contract. Where lands have been

escheated to the state and the person last seized was a citizen or

capable of taking and holding real property the commissioner shall

fulfill any contract made by such person or by any person from whom his

title is derived, in respect to the sale of such lands, so far only as

to convey the right and title of the state, pursuant to such contract,

without any covenants of warranty or otherwise, and shall allow all

payment which may have been made on such contracts. If any part of such

escheated land has been occupied under a verbal agreement for the

purchase thereof, and the occupants have made valuable improvements

thereon, such agreement shall be as valid and effectual as if it were in

writing.

Escheated lands subject to trusts and incumbrances. Lands

escheated to the state shall be held subject to the same trusts and

incumbrances to which they would have been subject if they had

descended, except that where the owner or beneficiaries of such trusts

or the holders of such incumbrances have been made parties to an action

brought under section two hundred one, such land shall be subject only

to trusts and incumbrances of record in the county in which the land is

located prior to the filing of notice of pendency of action authorized

under section two hundred one.

Condemnation awards as interest in real property. An interest

in real property escheated to the state shall for the purposes of this

article, be deemed to include any and all awards heretofore or hereafter

made in condemnation proceedings against such escheated lands and all

the provisions of this article shall apply to the release and assignment

of such awards with the same force and effect as to the release and

conveyance of an interest in real property.

Receiver. At any time during the pendency of said action

pursuant to section two hundred one, the court may upon application

therefor appoint a receiver to conserve said property and to receive the

rents, income and profits therefrom during the pendency of the action.

The rents, income and profits so received, after the payment of the

expenses of such receivership, shall be paid over to such party or

parties as shall be determined in the final judgment to be entitled to

possession of said property and in the event that the people are

adjudged entitled thereto, shall be directed to be paid into the state

treasury.

Claims against state. Where an action has been commenced and

final judgment in favor of the people entered therein by reason of the

escheat of real property to the people and the said property has been

sold pursuant to section two hundred four, any party or parties thereto,

or their successors in interest, who, but for the rendering of such

final judgment would have been entitled to such real property, or an

interest therein, shall have a claim against the state for the value of

such real property or interest therein at the time of the entry of such

judgment, but no such claim shall exist in favor of such party or

parties or their successors in interest unless a petition therefor shall

have been filed as hereinafter provided within fifteen years from the

date of entry of such final judgment unless such party or parties to

such ejectment action shall have been, at the time of the commencement

of such action or entry of final judgment, incompetent to conduct his or

her affairs by reason of mental illness or developmental disability or

have been under the age of eighteen years, or be imprisoned in execution

upon conviction of a criminal offense, in which event the period of such

disability shall not be deemed to be a part of the time limited within

which such petition may be filed. Such party or parties, or their

successors in interest shall petition the commissioner of general

services for payment of the sum or a part thereof received by the state,

upon the sale made pursuant to section two hundred four, and the said

commissioner if satisfied that the claim is just and is made by a party

who, except for the entry of final judgment in an action authorized by

section two hundred one would have been entitled to the real property or

an interest therein affected by said action, may certify such facts to

the court of claims, whereupon that court is empowered and authorized to

determine the amount of such claim or claims and award judgment

therefor, the total of which in no event shall exceed the amount

received by the people upon the sale of said real property pursuant to

section two hundred four.

Unclaimed property held or owing by banking organizations. 1.

The following unclaimed property held or owing by banking organizations

shall be deemed abandoned property:

(a) Any amounts due on deposits or any amounts to which a shareholder

of a savings and loan association or a credit union is entitled, held or

owing by a banking organization, which shall have remained unclaimed for

three years by the person or persons appearing to be entitled thereto,

including any interest or dividends credited thereon, excepting

(i) any such amount which has been reduced or increased, exclusive of

dividend or interest payment, within three years, or

(ii) any such amount which is represented by a passbook not in the

possession of the banking organization, which has been presented for

entry of dividend or interest credit within three years, or

(iii) any such amount with respect to which the banking organization

has on file written evidence received within three years that the person

or persons appearing to be entitled to such amounts had knowledge

thereof, or

(iv) any such amount payable only at or by a branch office located in

a foreign country, or payable in currency other than United States

currency, or

(v) any such amount that is separately identifiable and has been set

aside to meet the burial and related expenses of an individual, provided

however that said amount shall be deemed abandoned property where it

remains unclaimed for three years subsequent to the death of the

individual for whom the amount was deposited.

(b) Any amounts, together with all accumulations of interest or other

increment thereon, held or owing by a banking organization for the

payment of an interest in a bond and mortgage apportioned or transferred

by it pursuant to subdivision seven of former section one hundred

eighty-eight of the banking law as it existed prior to July first,

nineteen hundred thirty-seven, which shall have remained unclaimed by

the person or persons appearing to be entitled thereto for three years

after the full and final liquidation of such mortgage, excepting

(i) any such amount which has been reduced by payment to the person or

persons appearing to be entitled thereto within three years, or

(ii) any such amount which is represented by a certificate of share

ownership not in the possession of the banking organization, which

certificate has been presented for transfer within three years, or

(iii) any such amount with respect to which the banking organization

has on file written evidence received within three years that the person

or persons appearing to be entitled to such amount had knowledge

thereof.

(c) Any amount held or owing by a banking organization for the payment

of a negotiable instrument under article three of the uniform commercial

code or a certified check whether negotiable or not, on which such

organization is directly liable, which instrument shall have been

outstanding for more than three years from the date it was payable or

from the date of its issuance, if payable on demand; provided, however,

the provisions of this paragraph shall not apply

(i) to any negotiable instrument payable outside the continental

limits of the United States, or

(ii) to any instrument payable in currency other than United States

currency.

(d) After the expiration of three years from the opening of any vault,

safe deposit box or other receptacle by a banking organization pursuant

to the provisions of the banking law, any surplus amounts arising from a

sale by such banking organization of the contents of such vault, safe

deposit box or other receptacle pursuant to the provisions of the

banking law, the balance remaining of any United States coin or currency

among the contents of such vault, safe deposit box or other receptacle

and the balance remaining of the proceeds of the principal of or

interest or dividends on any securities among the contents of such

vault, safe deposit box or other receptacle or the securities themselves

which have remained unsold by the banking organization.

(e) Any amount or security representing a dividend or other payment

received (i) after June thirtieth, nineteen hundred forty, by a banking

organization or its nominee as the record holder of any stock, bond, or

other security of any corporation, association or joint stock company to

which amount or security an unknown person (except a person entitled to

such dividend or other payment upon the surrender of other outstanding

securities) is entitled or (ii) on or after July first, nineteen hundred

seventy-four by a banking organization or its nominee other than as a

holder of record or as holder of record for known persons on any stock,

bond or other security of any corporation, association or joint stock

company or (iii) on or after July first, nineteen hundred eighty-four by

a banking organization or its nominee on any stock, bond, or other

security of a governmental or other public issuer, (1) which shall have

remained unclaimed by the person entitled thereto for three years after

receipt thereof by such banking organization or its nominee, or (2) when

the stock, bond or other security with respect to which such amount or

security representing a dividend or other payment is payable has been

deemed abandoned.

(f) Except as provided in paragraph (e) of this subdivision, any

stock, bond or other security of any corporation, association or joint

stock company received on or after July first, nineteen hundred

seventy-seven or any stock, bond or other security of any governmental

or other public issuer received on or after July first, nineteen hundred

eighty-four by a banking organization or its nominee and held by such

banking organization or its nominee (1) as holder of record of such

stock, bond or other security, or (2) as custodian, trustee or fiduciary

for a person other than the issuer with respect to such stock, bond or

other security, or (3) for unknown persons where, for three successive

years, (i) all amounts payable upon such stocks, bonds, or other

securities of any corporation, association or joint stock company and

received by such banking organization or its nominee on or after July

first, nineteen hundred seventy-seven or all amounts payable upon such

stocks, bonds, or other securities of any governmental or other public

issuer and received by such banking organization or its nominee on or

after July first, nineteen hundred eighty-four have remained unclaimed

by the person entitled thereto, and (ii) no written communication

concerning such stock, bond or other security has been received from the

person entitled thereto by such banking organization or its nominee.

(g) Any stock, bond, or other security held by a banking organization

in any vault or other storage area in any capacity other than as set

forth in paragraphs (d), (e) or (f) of this subdivision where, for three

successive years, (i) such stock, bond, or other security has remained

unclaimed by the person entitled thereto, and (ii) no written

communication concerning such stock, bond or other security has been

received from the person entitled thereto by such banking organization.

(h) (i) Any amount or security of any domestic, foreign,

non-authorized foreign or public corporation, for which a banking

organization acts as either agent or trustee of such corporation or as

agent or trustee of a fiduciary engaged in the conduct of business, as

such terms are defined in article five of this chapter, shall be deemed

abandoned property in the same manner and under the same conditions as

such amounts or securities are deemed abandoned pursuant to article five

of this chapter, except that such amounts or securities shall be

reportable, payable and/or deliverable to the state comptroller on the

dates specified within this article for the report and delivery of

abandoned property by banking organizations to the state comptroller.

(ii) Where a banking organization or its nominee acts as either agent

or trustee for the issuer of American depositary receipts, or as agent,

fiduciary or holder of record for the rightful owner of such American

depositary receipts, or the banking organization is itself the issuer of

American depositary receipts, the American depositary receipts shall be

deemed "securities" and such securities and amounts payable or

distributable thereon shall be deemed abandoned property in the same

manner and under the same conditions as securities and amounts payable

by banking organizations pursuant to the provisions of subparagraph (i)

of this paragraph, provided, however, that this subparagraph shall apply

to amounts or securities owing to or owned by persons with a last known

address in New York or a foreign address or persons with no last known

address and provided further that this subparagraph shall apply to such

amounts, whether in cash or stock, received by such banking organization

or payable or distributable on or after July first, nineteen hundred

seventy-four.

(iii) The certified letters required to be mailed to apparent owners

of securities enrolled in a reinvestment plan pursuant to subdivision

two of section five hundred one of this chapter shall be mailed in the

same manner and at the same time as specified in this article, except

that such certified mail must be made to the apparent owners of such

securities regardless of the amount.

(i) Any amount or security which shall have become payable or

deliverable by a banking organization, as agent or trustee for a

corporation, association or joint stock company which shall have

discontinued the conduct of its business, or the corporate existence of

which shall have terminated, without the right to receive such amount

having passed to a successor or successors, and which shall have

remained unpaid or undelivered to the person or persons entitled thereto

for three years.

(j) Any security representing the capital stock of a banking

organization or any amount payable or distributable thereon shall be

deemed abandoned property in the same manner and under the same

conditions as amounts or securities are deemed abandoned pursuant to

article five of this chapter.

(k) Lost property or instruments as defined in section two hundred

fifty-one of the personal property law which shall have been held by a

safe deposit company or bank for three years pursuant to the provisions

of section two hundred fifty-six of the personal property law.

2. Any abandoned property held or owing by a banking organization to

which the right to receive the same is established to the satisfaction

of such banking organization shall cease to be deemed abandoned.

3. A deposit made with a banking organization directly by a court or

by a guardian pursuant to order of a court for the benefit of a person

who was an infant at the time of the making of such deposit, which

deposit is subject to withdrawal only upon the further order of such

court, shall not be subject to the provisions of this chapter until such

infant attains the age of eighteen years or until the death of such

infant whichever event occurs sooner.

4. As used in sections three hundred to three hundred three inclusive

of this article, the term "banking organizations" shall be deemed to

include the New York branch or branches or agency or agencies of all

foreign banking corporations licensed to do business in this state

pursuant to article two and all branches of all out-of-state depository

institutions authorized to conduct business in this state pursuant to

article five-C of the banking law, and the word "deposits" shall be

deemed to include credit balances maintained by any such agencies for

the account of others in accordance with the provisions of section two

hundred two-a of the banking law.

Publication of list of abandoned property. 1. Every banking

organization shall cause to be published, on or before the first day of

September in each year, a notice entitled: "NOTICE OF NAMES OF PERSONS

APPEARING AS OWNERS OF CERTAIN UNCLAIMED PROPERTY HELD BY (name of

banking organization)."

2. Such notice shall be published once in at least one newspaper

published in the city or village where such abandoned property is

payable, provided, however, that if such abandoned property is payable

in the city of New York, such publication shall be in a newspaper

published in the county where such abandoned property is payable. If

there are no newspapers published in such city or village, then such

publication shall be in a newspaper published in the county where such

abandoned property is payable. If there are no newspapers published in

such county publication shall be in a newspaper published in an adjacent

county. Such publication shall be in a newspaper printed in the English

language and any other newspaper that will substantially serve to inform

the public of such abandoned property. The comptroller shall promulgate

rules to determine when it is appropriate to designate an additional

publication.

3. Such notice shall set forth:

(a) the names and last-known addresses, which were in such report, of

all persons appearing to be entitled to any such abandoned property

amounting to fifty dollars or more; provided, however, that with the

consent of the state comptroller the name and last-known address of any

person may be omitted from such notice where special circumstances make

it desirable that such information be withheld. Such names shall be

listed in alphabetical order. If, however, such banking organization has

reported abandoned property payable in more than one city or village or,

in the case of the city of New York, more than one county, the names

shall be listed alphabetically for each such city, village or county and

such notice shall include only the names of the persons appearing to be

entitled to abandoned property payable in such city, village or county;

(b) such other information as the state comptroller may require; and

(c) a statement

(i) that a report of unclaimed amounts of money or other property held

or owing by it has been made to the state comptroller and that a list of

the names contained in such notice is on file and open to public

inspection at the principal office or place of business of such banking

organization in any city, village or county where any such abandoned

property is payable;

(ii) that such unclaimed moneys or other property will be paid or

delivered by it on or before the succeeding thirty-first day of October

to persons establishing to its satisfaction their right to receive the

same; and

(iii) that in the succeeding month of November, and on or before the

tenth day thereof, such unclaimed moneys or other property still

remaining will be paid or delivered to the state comptroller and that it

shall thereupon cease to be liable therefor.

4. Such banking organization shall file with the state comptroller on

or before the tenth day of September in each year proof by affidavit of

such publication.

Payment of abandoned property. 1. In such succeeding month of

November, and on or before the tenth day thereof, every banking

organization shall pay or deliver to the state comptroller all property

which, as of the thirtieth day of June next preceding, was deemed

abandoned pursuant to section three hundred of this article, held or

owing by such banking organization.

2. Such payment shall be accompanied by a true and accurate report

setting forth such information as the state comptroller may require

relative to such abandoned property. Such report shall include:

(a) with respect to amounts specified in paragraph (a) of subdivision

one of section three hundred which are abandoned property:

(i) the name and last known address of the person or persons appearing

from the records of such banking organization to be the owner of any

such abandoned property;

(ii) the amount appearing from such records to be due such person or

persons;

(iii) the date of the last transaction with respect to such abandoned

property;

(iv) the nature and identifying number, if any, of such abandoned

property; and

(v) such other identifying information as the state comptroller may

require.

(b) with respect to amounts specified in paragraph (b) of subdivision

one of section three hundred of this article which are abandoned

property:

(i) the name and last known address, if any, of the person or persons

appearing from the records of such banking organization to be entitled

to receive such abandoned property;

(ii) the amount appearing from such records to be due such person or

persons;

(iii) the amount of any interest or other increment due thereon;

(iv) the date of the last transaction with respect to such abandoned

property; and

(v) such other identifying information as the state comptroller may

require.

(c) with respect to amounts specified in paragraph (c) of subdivision

one of section three hundred of this article which are abandoned

property:

(i) the name and last known address, if any, of the person or persons

appearing from the records of such banking organization to be entitled

to receive such abandoned property;

(ii) a description of such abandoned property including identifying

numbers, if any, and the amount appearing from such records to be due or

payable;

(iii) the amount of any interest or other increment due thereon;

(iv) the date such abandoned property was payable or demandable;

(v) the amount and identifying number of any such instrument where the

payee thereof is unknown to the banking organization; and

(vi) such other identifying information as the state comptroller may

require.

(d) with respect to amounts specified in paragraph (d) of subdivision

one of section three hundred of this article which are abandoned

property:

(i) the name and last known address, if any, of the person or persons

appearing from the records of such banking organization to be the owner

of any such abandoned property; and

(ii) such other information as the state comptroller may reasonably

require.

3. Such report shall be in such form as the state comptroller may

prescribe. All names of persons appearing in the section of such report

relating to deposits, appearing to be the owners thereof, shall be

listed in alphabetical order. Abandoned property other than deposits

listed in such report shall be classified in such manner as the state

comptroller may prescribe, and names of persons appearing to be entitled

to such abandoned property appearing in such report shall be listed

alphabetically within each such classification.

4. No banking organization in this state, organized under or subject

to the provisions of section six hundred eleven of title twelve of the

United States code, shall be required to file reports of abandoned

property relating to any amounts received on or before the thirtieth day

of June, nineteen hundred seventy-seven, unless, as of the effective

date of this subdivision, such amounts remain recorded and shown in the

books and records of such banking organization as an outstanding

obligation thereof.

Unclaimed property held by the superintendent of financial

services after liquidation. 1. All amounts held by the superintendent of

financial services as trustee for the owners thereof after the

completion of the voluntary or involuntary liquidation of the business

and property of any banking organization or of the business and property

in this state of any foreign banking corporation, as provided in section

thirty of the banking law, which shall not have been claimed and paid

within four years after receipt by the superintendent shall be deemed

abandoned property.

2. Any such abandoned property held by the superintendent of financial

services to which the right to receive the same is established as

provided in section thirty-one of the banking law shall cease to be

deemed abandoned.

Payment of abandoned property after liquidation by

superintendent of financial services. 1. Not later than the first day of

October in each year the superintendent of financial services shall pay

to the state comptroller all such abandoned property held by him which

shall have become abandoned property at any time prior to the first day

of July next preceding, excepting such abandoned property as since such

first day of July shall have ceased to be abandoned.

2. Such payment shall be accompanied by a statement signed by the

superintendent of financial services setting forth the name and last

known address of, and the amount owning to, each person appearing to be

the owner of any such abandoned property, or if the name is unknown, the

nature and identifying number of the indebtedness and the name of the

banking organization or foreign banking corporation from which such

abandoned property was received, together with such other identifying

information as the state comptroller may require.

Reimbursement for instruments paid. Any banking organization

which has paid to the state comptroller abandoned property held or owing

for the payment of a negotiable instrument or a certified check may make

payment to the person entitled thereto, upon presentation of the

instrument by such person, and shall thereby be entitled to

reimbursement of the amount paid to the comptroller. Such reimbursement

shall be made by the comptroller after audit of a claim of the banking

organization.

Unclaimed deposits and refunds for utility services. 1. The

following unclaimed moneys held or owing by a gas corporation, an

electric corporation, a gas and electric corporation, a district steam

corporation, an energy services company, a telegraph corporation, a

telephone corporation, a telegraph and telephone corporation, or a

waterworks corporation, shall be deemed abandoned property:

(a) Any deposit made by a consumer or subscriber with such a

corporation or ESCO to secure the payment for utility services furnished

by such corporation or ESCO, or the amount of such deposit after

deducting any sums due to such corporation or ESCO by such consumer or

subscriber, together with any interest due thereon, which shall have

remained unclaimed by the person or persons appearing to be entitled

thereto for two years after the termination of the utility services to

secure the payment of which such deposit was made, or, if during such

two year period utility services are furnished by such corporation or

ESCO to such consumer or subscriber and such deposit is held by such

corporation or ESCO to secure payment therefor, for two years after the

termination of such utility services.

(b) Any amount paid by a consumer or subscriber to such a corporation

or ESCO in advance or in anticipation of utility services furnished or

to be furnished by such corporation or ESCO which in fact is not

furnished, after deducting any sums due to such corporation or ESCO by

such consumer or subscriber for utility services in fact furnished,

which shall have remained unclaimed by the person or persons appearing

to be entitled thereto for two years after the termination of the

utility services for which such amount was paid in advance or in

anticipation, or, if during such period utility services are furnished

by such corporation or ESCO to such consumer or subscriber and such

amount is applied to the payment in advance or in anticipation of such

utility services, for two years after the termination of such utility

services.

(c) The amount of any refund of excess or increased rates or charges

heretofore or hereafter collected by any such corporation or ESCO for

utility services lawfully furnished by such corporation or ESCO which

has been or shall hereafter lawfully be ordered refunded to a consumer

or other person or persons entitled thereto, together with any interest

due thereon, less any lawful deductions, which shall have remained

unclaimed by the person or persons entitled thereto for two years from

the date it became payable in accordance with the final determination or

order providing for such refund.

2. Any such abandoned property held or owing by such a corporation or

ESCO to which the right to receive the same is established to the

satisfaction of such corporation or ESCO shall cease to be deemed

abandoned.

Publication of notice of abandoned property. 1. Every such

corporation or ESCO shall cause to be published, on or before the first

day of September in each year, a notice entitled: "NOTICE OF CERTAIN

UNCLAIMED PROPERTY HELD BY (name of corporation or ESCO)."

2. Such notice shall be published once in two newspapers published in

the county where such deposits, payments or payments to be refunded were

made. If there is only one newspaper published in any such county, such

notice shall be published in such newspaper. If there are no newspapers

published in such county, then such publication shall be in a newspaper

published in an adjacent county. Such publication shall be in a

newspaper printed in the English language and any other newspaper that

will substantially serve to inform the public of such abandoned

property. The comptroller shall promulgate rules to determine when it is

appropriate to designate an additional publication.

3. Such notice shall be approved as to form by the state comptroller

and shall state:

(a) that a report of unclaimed amounts of money or other property held

or owing by it has been made to the state comptroller and that a list of

the names of the person or persons appearing from the records of such

corporation or ESCO to be entitled thereto is on file and open to public

inspection at its principal office or place of business in any city,

village or county where any such abandoned property is payable;

(b) that such deposits, payments and refunds, together with interest

due thereon and less lawful deductions, will be paid by it on or before

the succeeding thirtieth day of September to persons establishing to its

satisfaction their right to receive the same; and

(c) that in the succeeding month of October, and on or before the

tenth day thereof, such unclaimed deposits, payments and refunds,

together with interest due thereon and less lawful deductions, still

remaining will be paid to the state comptroller and that it shall

thereupon cease to be liable therefor.

4. Such corporation or ESCO shall file with the state comptroller on

or before the tenth day of September in each year proof by affidavit of

such publication.

Payment of abandoned property. 1. In such succeeding month of

October, and on or before the tenth day thereof, every such corporation

or ESCO shall pay to the state comptroller all property which, as of the

first day of July next preceding, was deemed abandoned pursuant to

section four hundred of this article, held or owing by such corporation

or ESCO.

2. Such payment shall be accompanied by a true and accurate report

setting forth such information as the state comptroller may require

relating to such abandoned property including:

(a) as to abandoned property specified in paragraphs (a) and (b) of

subdivision one of section four hundred of this article:

(i) the name and last known address of each depositor or subscriber

appearing from the records of such corporation or ESCO to be entitled to

receive any such abandoned property;

(ii) the date when the deposit was made or amount paid;

(iii) the amount of such deposit or payment;

(iv) the date when utility services furnished to such consumer or

subscriber ceased;

(v) any sums due and unpaid to the corporation or ESCO by such

consumer or subscriber, with interest thereon from the date of

termination of service;

(vi) the amount of interest due upon such deposit or payment on any

balance thereof that has remained with such corporation or ESCO and not

been credited to such consumer's or subscriber's account;

(vii) the amount of such abandoned property; and

(viii) such other identifying information as the state comptroller may

require.

(b) as to abandoned property specified in paragraph (c) of subdivision

one of section four hundred of this article:

(i) the name and last known address of each person appearing from the

records of such corporation or ESCO to be entitled to receive the same;

(ii) the amount appearing from such records to be due each such

person;

(iii) the date payment became due; and

(iv) such other identifying information as the state comptroller may

require.

3. Such report shall be in such form and the abandoned property listed

shall be classified in such manner as the state comptroller may

prescribe. Names of persons entitled to such abandoned property

appearing in such report shall be listed in alphabetical order within

each such classification.

Definitions. When used in this article, the following terms

shall have the following meanings:

1. (a) "Corporation" shall mean any corporation (other than a public

corporation as defined in paragraph (b) of this subdivision), joint

stock company, association of two or more individuals, committee,

partnership, investment company (as defined by, and which is registered

under, an act of Congress of the United States entitled the "Investment

Company Act of 1940", as amended), unit investment trust or business

trust, whether or not for profit.

(b) "Public corporation" shall mean any state and a public corporation

as defined in section sixty-six of the general construction law, but

shall not mean an agency or political subdivision of the United States

or of a foreign nation.

2. "Security" shall mean:

(a) Any instrument issued by a corporation or public corporation or

any entry on the books and records of such corporation or public

corporation evidencing an obligation to make any payment of the

principal amount of a debt or of any increment due or to become due

thereon; or

(b) Any instrument issued by a corporation to evidence a proprietary

interest therein or any intangible interest in a corporation as

evidenced by the books and records of the corporation except:

(i) A policy of insurance issued by a mutual insurance corporation, or

(ii) A share issued by a savings and loan association, a building and

loan association, or a credit union.

For the purposes of this article, an industrial development bond or an

industrial revenue bond shall be deemed a security issued by a public

corporation.

3. "Domestic corporation" shall mean any corporation organized under

the laws of this state or under the laws of this state and one or more

other states or foreign countries, but shall not mean a banking

organization as defined in this chapter.

4. "Foreign corporation" shall mean any corporation organized under

the laws of a state other than New York or under the laws of a foreign

country and doing business in this state or authorized to do business in

this state, but shall not mean a banking organization as defined in this

chapter. "Non-authorized foreign corporation" shall mean any

corporation organized under the laws of a state other than New York

which is neither doing business nor authorized to do business in this

state.

5. "Fiduciary" shall mean any individual or any domestic or foreign

corporation holding a security for a resident or receiving, as agent of

a corporation or as holder of a security, any amount due or to become

due a resident as the holder or owner of a security but shall not mean

any individual or corporation so acting by direction of a court in any

case where such court has not directed a distribution of such amount or

security.

6. "Resident" shall mean:

(a) An individual domiciled in this state;

(b) A domestic corporation;

(c) A banking organization, as defined in section one hundred three of

this chapter; and

(d) This state and any public corporation organized under its laws.

7. (a) "Amount" shall include, but is not limited to, any dividend,

profit or other distribution, whether in cash or securities, and any

interest or other payment on or of principal, including the cash value

of any security which has matured or has been called for full or partial

redemption or is payable to security owners or former security owners

entitled to payments as the result of a merger, consolidation,

acquisition or conversion of any type.

(b) An amount is deemed to be "distributable" or "payable" for the

purposes of this article notwithstanding any requirement that a security

or other instrument must be presented, exchanged or surrendered, or that

an owner must affirmatively make any claim for payment, before actual

payment of such amount may be effected.

8. "Wages" shall include moneys payable, under contract or otherwise,

for services rendered to a domestic or foreign corporation or fiduciary,

including but not limited to payment of salaries, commissions,

royalties, expenses, employee benefits, and insurance benefits payable

by a corporation pursuant to a self-insurance plan, less lawful

deductions.

Unclaimed property; when deemed abandoned. 1. (a) Any amount

which, on or after January first, nineteen hundred forty-seven, shall

have become payable or distributable by a domestic, foreign or public

corporation or by a fiduciary to a resident as the owner or former owner

of a security as defined in paragraph (a) of subdivision two of section

five hundred of this article, shall be deemed abandoned when the

security with respect to which such amount is payable or distributable

has been deemed abandoned, or when such amount:

(i) is payable or distributable to such resident as the owner or

former owner of such security; and

(ii) has, on the thirty-first day of December in any year, remained

unpaid to or unclaimed by such resident for a period of three years. For

the purposes of this article, a security as defined in paragraph (a) of

subdivision two of section five hundred of this article shall not be

deemed abandoned until a period of three years has elapsed from the

earlier of the maturity date of such security or the date such security

has been called for redemption.

(b) Any amount which, on or after January first, nineteen hundred

forty-seven shall have become payable or distributable by a domestic or

foreign corporation or a fiduciary to a resident as the owner or former

owner of a security as defined in paragraph (b) of subdivision two of

section five hundred of this article, shall be deemed abandoned when the

security with respect to which such amount is payable or distributable

has been deemed abandoned or when such amount:

(i) is payable or distributable to such resident as the owner or

former owner of such security; and

(ii) has, on the thirty-first day of December in any year, remained

unpaid to or unclaimed by such resident for a period of three years.

2. (a) Except as provided in paragraph (b) of this subdivision, any

security, as defined in paragraph (b) of subdivision two of section five

hundred of this article, of any domestic corporation or foreign

corporation owned by or formerly owned by a resident shall be deemed

abandoned where, for three successive years:

(i) all amounts, if any, payable or distributable thereon or with

respect thereto have remained unpaid to or unclaimed by such resident,

and

(ii) no written communication has been received from such resident by

the holder.

(b) (i) Any security, as defined in paragraph (b) of subdivision two

of section five hundred of this article, of any domestic or foreign

corporation in which a resident has an ownership interest and which is

enrolled in a plan that provides for the automatic reinvestment of

dividends, distributions, or other sums payable as the result of such

interest shall be deemed abandoned when any security owned by such

resident which is not enrolled in the plan has been deemed abandoned

pursuant to paragraph (a) of this subdivision or when, for three

successive years:

(1) all amounts, if any, payable thereon or with respect thereto have

remained unpaid to or unclaimed by such resident, and

(2) no written communication has been received from such resident by

the holder, and

(3) the holder does not know the location of such resident at the end

of such three year period.

(ii) For purposes of this paragraph, the reinvestment of any dividend,

distribution or other sum payable shall not be considered as payment of

an amount for the purpose of extending the statutory period of

inactivity after the expiration of which securities enrolled in a

reinvestment plan are deemed abandoned.

(iii) Any corporation or fiduciary holding or evidencing on its books

and records securities enrolled in a reinvestment plan shall notify the

apparent owner by certified mail that such securities will be delivered

to the state comptroller as abandoned property, pursuant to the

provisions of section five hundred two of this article, unless such

corporation or fiduciary receives written communication from the

apparent owner of such securities indicating knowledge of such

securities prior to the date that such securities are required to be

delivered to the state comptroller. Such letter by certified mail shall

be sent during the calendar year prior to the year in which such

property would be required to be delivered to the state comptroller, but

no later than the thirty-first day of December of such year. For

purposes of this subdivision, a signed return receipt shall constitute

written communication received by the holder from the apparent owner.

(iv) All corporations or fiduciaries holding or evidencing on its

books and records securities enrolled in a reinvestment plan shall

retain, for a period of five years following the thirty-first day of

December of the year for which a report of abandoned property has been

filed, a list of (1) the dates and nature of any and all corporate

notices which have been sent via first class mail to owners of such

securities during the period to which such report relates, and (2) the

names and addresses of all owners of such securities for whom postal

authorities have returned any first class mail sent by the holder during

the period to which such report relates, and the dates on which such

mail was returned for each such owner. Nothing contained herein or in

any other provision of this chapter shall preclude the state

comptroller, in the performance of his duties under this chapter, from

verifying that all such notices have been sent and whether or not such

notices have been returned to the holder by the postal authorities.

2-a. Notwithstanding any other law to the contrary, any amount,

security or other distribution payable or distributable to a resident as

the result of a demutualization or similar reorganization of an

insurance company shall be deemed abandoned where, for two successive

years:

(a) all amounts, securities or other distributions have remained

unpaid to or unclaimed by such resident, and

(b) no written communication from such resident has been received by

the holder.

3. Any wages payable on or after July first, nineteen hundred

sixty-three by a domestic or foreign corporation and held for a resident

by such issuing corporation or held and payable by a fiduciary other

than a broker or dealer as defined in section five hundred ten of this

chapter for a resident shall be deemed to be abandoned property, where

for three successive years:

(a) All such wages have remained unpaid to such resident, and

(b) No written communication has been received from such resident by

the holder, and

(c) Notice regarding such wages has been sent by the corporation or

fiduciary, via first class mail, to such resident at his last known

address and such notice has been returned to the corporation or

fiduciary by the postal authorities for inability to locate such

resident.

4. For the purposes of this section the holder or owner of a security

or payee of an amount or a payee of wages shall be deemed to be a

resident when the records of the corporation or fiduciary indicate that

the last known address of such holder, owner or payee is located within

this state or, if the security was issued or the amount or wages were

payable by a domestic corporation or a public corporation organized

under the laws of this state, when such records do not indicate a last

known address outside this state or when the address of such holder,

owner or payee is unknown to such corporation or public corporation or

fiduciary; or when the address of such holder, owner or payee is in a

state not having a law relating to the disposition of abandoned

property; or when the address of such holder, owner or payee is in a

foreign country.

5. Any amount, wages or security with respect to which such domestic

or foreign corporation or public corporation or fiduciary has on file

written evidence received within the period specified for determining

abandonment of such property that the person entitled to such amount or

wages or for whom such security is held had knowledge thereof shall not

be deemed abandoned property.

Payment or delivery of abandoned property. 1. In the month of

March in each year, and on or before the tenth day thereof, every

domestic or foreign corporation or public corporation or fiduciary shall

pay or deliver to the state comptroller all property which on the

preceding thirty-first day of December was deemed abandoned pursuant to

section five hundred one excepting such property as since that date has

ceased to be abandoned.

2. Where any security delivered to the state comptroller pursuant to

subdivision one hereof, is delivered by him to the issuing corporation,

the security shall be transferred to him on the books of the corporation

and a certificate registered in the name of the state comptroller shall

be delivered to him or, if so requested by the comptroller, such

corporation shall register such securities in book entry form in the

name of the comptroller. The corporation and its transfer agent,

registrar or other person acting for or on behalf of the corporation in

executing or delivering any such certificate or registering such

securities shall be relieved from liability to any person for any losses

or damages resulting from the issuance and delivery to the state

comptroller of such certificate or registration of such securities.

Report of abandoned property. Each payment or delivery of

abandoned property pursuant to section five hundred two shall be

accompanied by a written report, affirmed as true and accurate under

penalty of perjury, in such form as the state comptroller shall

prescribe, setting forth:

(a) The name and last known address, if any, of the person appearing

to be entitled to such abandoned property;

(b) A description of such abandoned property;

(c) The number of shares represented or the face amount of the

security;

(d) The amount of any principal, dividend, interest or other increment

due thereon;

(e) The date such amount was demandable or payable; and

(f) Such other identifying information as the state comptroller may

require.

Reimbursement for property paid or delivered. A domestic or

foreign corporation or public corporation or a fiduciary which has paid

or delivered to the state comptroller abandoned property pursuant to

section five hundred two may make payment to the person entitled

thereto, and may file claim for reimbursement for such payment by the

state comptroller, who shall, upon satisfactory proof of such payment

and after audit, reimburse such domestic or foreign corporation or

public corporation or fiduciary. In no event, however, shall such

reimbursement exceed the amount to which the claimant is entitled

pursuant to subdivision two of section fourteen hundred three of this

chapter.

Definitions. When used in this article, the following items

shall have the following meanings:

1. "Corporation" shall include any joint stock company, corporation,

association of two or more individuals, committee, public authority, or

business trust.

2. "Public issuer" shall include the United States, the several states

and territories thereof, political subdivisions and municipal

corporations within such states and territories, foreign countries and

political subdivisions and municipal corporations within such foreign

countries.

3. "Security" shall include:

(a) Any instrument issued by a corporation or public issuer to

evidence an obligation to make any payment of the principal amount of a

debt or of any increment due or to become due thereon, or

(b) Any instrument issued by a corporation to evidence a proprietary

interest therein except:

(i) A policy of insurance issued by a mutual insurance corporation, or

(ii) A share issued by a savings and loan association, a building and

loan association, or a credit union.

4. "Broker" shall include any individual or corporation engaging in

the purchase, sale or exchange of securities for or on behalf of any

customer.

5. "Dealer" shall include any individual or corporation engaging in

any state as a regular business in the purchase, sale or exchange of

securities for his or its own account, through a broker or otherwise.

6. (a) "Customer" shall include any individual or corporation entering

into a contract with a broker or dealer by which such broker or dealer

agrees to effect the purchase, sale, or exchange, or to keep custody of

any security for or on behalf of such individual or corporation. The

term "customer" shall also include any individual or corporation

entering into a contract with a broker or dealer whereby such broker or

dealer for his own account buys from or sells to such individual or

corporation, any security.

(b) If on the books of account located at an office in this state of a

broker or dealer there is indicated a balance to the credit of an

individual or corporation with a last-known address in a state other

than this state, such individual or corporation shall not be deemed a

"customer".

7. "Amount" shall mean that term as defined in subdivision seven of

section five hundred of this chapter.

8. "Wages" shall include moneys payable, under contract or otherwise,

for services rendered to a broker or dealer, less lawful deductions.

Unclaimed property; when deemed abandoned. The following

unclaimed property shall be deemed abandoned property:

1. Any amount (a) received in this state after June thirtieth,

nineteen hundred forty-six by a broker or dealer or nominee of such

broker or dealer as the holder of record of a security remaining unpaid

to the person entitled thereto for three years following the receipt

thereof, or (b) when paid to such broker, dealer or nominee on or with

respect to a security which has been deemed abandoned.

1-a. Any amount (a) received in this state on or after July first,

nineteen hundred seventy-four by a broker or dealer or nominee of such

broker or dealer other than as the holder of record of a security

remaining unpaid to the person entitled thereto for three years

following the receipt thereof, or (b) when paid to such broker, dealer

or nominee on or with respect to a security which has been deemed

abandoned.

2. Any amount (a) received in this state after June thirtieth,

nineteen hundred forty-six due from a broker or dealer or nominee of

such broker or dealer to a customer which has remained unpaid to the

customer for three years after the date of the last entry, other than

the receipt of dividends or interest in the account of such broker,

dealer or nominee with such customer, or (b) payable on or with respect

to a security which has been deemed abandoned.

3. Any security held in this state by a broker or dealer, or nominee

of such broker or dealer, as the holder of record of a security for a

customer or for a person or persons unknown to such broker or dealer or

nominee where, for three successive years, all amounts paid thereon or

with respect thereto and received after June thirtieth, nineteen hundred

forty-six by such broker or dealer or nominee have remained unclaimed.

Provided, however, that if any amount or security specified in

subdivision one, two or three of this section is reflected, recorded, or

included in an account with respect to which such broker or dealer has

on file evidence in writing received within the three years immediately

preceding the thirty-first day of December preceding the date such

amount or security would otherwise be payable or deliverable pursuant to

section five hundred twelve that the person entitled thereto had

knowledge of such account, then such amount or security shall not be

deemed abandoned property.

4. Any security held by a broker or dealer or nominee of such broker

or dealer reflected, recorded, or included in an account with respect to

which, for three successive years, all statements of account or other

communications which have been sent, via first class mail, to the

customer at his last known address have been returned to such broker,

dealer or nominee by the postal authorities for inability to locate the

customer, and no written communication has been received from the

customer by such broker, dealer or nominee, provided such security was

received or is held in this state by such broker, dealer or nominee or

the last known address of the customer is located in this state.

5. Any wages held and payable on or after July first, nineteen hundred

sixty-six by a broker or dealer, as defined in section five hundred ten

of this article, for the benefit of a person or persons, known or

unknown shall be deemed to be abandoned property, where for three

successive years:

(a) All such wages have remained unpaid to such person, and

(b) No written communication has been received from such person by the

holder, and

(c) Notice regarding such wages, if sent by the broker or dealer, via

first class mail, to such person at his last known address has been

returned to the broker or dealer by the postal authorities for inability

to locate such person.

6. Any broker or dealer who satisfies the requirements of this

subdivision may determine the property which on the thirty-first day of

December in the years nineteen hundred seventy-two, nineteen hundred

seventy-three, nineteen hundred seventy-four and nineteen hundred

seventy-five shall be deemed abandoned property pursuant to subdivisions

one and three of this section relating to the years nineteen hundred

sixty-seven, nineteen hundred sixty-eight, nineteen hundred sixty-nine,

and nineteen hundred seventy by the method hereinafter in this

subdivision described and the amount so determined as at any such date

shall be deemed to be all of such abandoned property held by such broker

or dealer pursuant to subdivisions one and three of this section on such

date.

The broker or dealer shall compute separately for each of the years

nineteen hundred sixty-five and nineteen hundred sixty-six (each of

which years is referred to in this subdivision as a "base year") the

total value of all stock and cash dividends received by such broker or

dealer, or nominee of such broker or dealer, in this state during such

year as the holder of record of a security. The value of any dividend

paid in stock shall be the mean price of such stock during the calendar

month in which the dividend was received as reported by any generally

recognized statistical service or, if not so reported, as established in

any other manner satisfactory to the state comptroller. The total value

of all such stock and cash dividends thus determined for each base year

shall be the denominator for that base year. The broker or dealer shall

then determine the total value of all such dividends received during

each base year belonging to unknown owners as reported to the state

comptroller, or as required to be so reported pursuant to this article,

which continued to be held by such broker or dealer, or nominee of such

broker or dealer, unpaid to the person entitled thereto on the December

thirty-first occurring five years after the close of such base year. To

the extent any such dividends which continued to be so held unpaid on

any such December thirty-first consisted of stock, such stock shall be

valued at the mean price of such stock during the calendar month ending

on such December thirty-first as reported by any generally recognized

statistical service or, if not so reported, as established in any other

manner satisfactory to the state comptroller. The total value of such

remaining dividends thus determined for each base year shall be the

numerator for that base year. The sum of the numerators for the base

years shall be divided by the sum of the denominators for the base years

and the result thus obtained shall be multiplied by two. The product

obtained as the result of such multiplication shall be the average

factor of such broker or dealer.

In order to determine the property which on the thirty-first day of

December, nineteen hundred seventy-two shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the year nineteen hundred sixty-seven the broker or dealer shall

determine (i) the total value of all stock and cash dividends (valued as

above provided) received by such broker or dealer, or nominee of such

broker or dealer, in this state during nineteen hundred sixty-seven as

the holder of record of a security and shall multiply such total value

by the average factor of such broker or dealer, (ii) the aggregate

amount of stock and cash dividends (valued as above provided) received

by such broker or dealer, or nominee of such broker or dealer, in this

state during nineteen hundred sixty-seven as the holder of record of a

security for a person or persons unknown to such broker or dealer, less

the cost incurred by such broker or dealer not later than the

thirty-first day of December, nineteen hundred seventy-two in covering

stock and cash dividends which should have been received by such broker

or dealer, or nominee of such broker or dealer, during nineteen hundred

sixty-seven but, according to the books and records of such broker or

dealer, were not received, and (iii) the aggregate amount of interest

payments received by such broker or dealer, or nominee of such broker or

dealer, in this state during nineteen hundred sixty-seven on securities

held for persons unknown to such broker or dealer, less the cost

incurred by such broker or dealer not later than the thirty-first day of

December, nineteen hundred seventy-two in covering interest payments

which should have been received by such broker or dealer, or nominee of

such broker or dealer, during nineteen hundred sixty-seven but,

according to the books and records of such broker or dealer, were not

received. The greater of the two amounts determined pursuant to clauses

(i) and (ii) of the preceding sentence, plus the amount determined

pursuant to clause (iii) of such sentence, shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the year nineteen hundred sixty-seven on the thirty-first day of

December nineteen hundred seventy-two.

In order to determine the property which on the thirty-first day of

December, nineteen hundred seventy-three shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the year nineteen hundred sixty-eight the broker or dealer shall

determine (i) the total value of all stock and cash dividends (valued as

above provided) received by such broker or dealer, or nominee of such

broker or dealer, in this state during nineteen hundred sixty-eight as

the holder of record of a security and shall multiply such total value

by the average factor of such broker or dealer, (ii) the aggregate

amount of stock and cash dividends (valued as above provided) received

by such broker or dealer, or nominee of such broker or dealer, in this

state during nineteen hundred sixty-eight as the holder of record of a

security for a person or persons unknown to such broker or dealer, less

the cost incurred by such broker or dealer not later than the

thirty-first day of December, nineteen hundred seventy-three in covering

stock and cash dividends which should have been received by such broker

or dealer, or nominee of such broker or dealer, during nineteen hundred

sixty-eight but, according to the books and records of such broker or

dealer, were not received, and (iii) the aggregate amount of interest

payments received by such broker or dealer, or nominee of such broker or

dealer, in this state during nineteen hundred sixty-eight on securities

held for persons unknown to such broker or dealer, less the cost

incurred by such broker or dealer not later than the thirty-first day of

December, nineteen hundred seventy-three in covering interest payments

which should have been received by such broker or dealer, or nominee of

such broker or dealer, during nineteen hundred sixty-eight but,

according to the books and records of such broker or dealer, were not

received. The greater of the two amounts determined pursuant to clauses

(i) and (ii) of the preceding sentence, plus the amount determined

pursuant to clause (iii) of such sentence, shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the year nineteen hundred sixty-eight on the thirty-first day of

December, nineteen hundred seventy-three.

In order to determine the property which on the thirty-first day of

December, nineteen hundred seventy-four shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the year nineteen hundred sixty-nine the broker or dealer shall

determine (i) the total value of all stock and cash dividends (valued as

above provided) received by such broker or dealer, or nominee of such

broker or dealer, in this state during nineteen hundred sixty-nine as

the holder of record of a security and shall multiply such total value

by the average factor of such broker or dealer, (ii) the aggregate

amount of stock and cash dividends (valued as above provided) received

by such broker or dealer, or nominee of such broker or dealer, in this

state during nineteen hundred sixty-nine as the holder of record of a

security for a person or persons unknown to such broker or dealer, less

the cost incurred by such broker or dealer not later than the

thirty-first day of December, nineteen hundred seventy-four in covering

stock and cash dividends which should have been received by such broker

or dealer, or nominee of such broker or dealer, during nineteen hundred

sixty-nine but, according to the books and records of such broker or

dealer, were not received, and (iii) the aggregate amount of interest

payments received by such broker or dealer, or nominee of such broker or

dealer, in this state during nineteen hundred sixty-nine on securities

held for persons unknown to such broker or dealer, less the cost

incurred by such broker or dealer not later than the thirty-first day of

December, nineteen hundred seventy-four in covering interest payments

which should have been received by such broker or dealer, or nominee of

such broker or dealer, during nineteen hundred sixty-nine but, according

to the books and records of such broker or dealer, were not received.

The greater of the two amounts determined pursuant to clauses (i) and

(ii) of the preceding sentence, plus the amount determined pursuant to

clause (iii) of such sentence, shall be deemed abandoned property

pursuant to subdivisions one and three of this section relating to the

year nineteen hundred sixty-nine on the thirty-first day of December

nineteen hundred seventy-four.

In order to determine the property which on the thirty-first day of

December, nineteen hundred seventy-five shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the year nineteen hundred seventy the broker or dealer shall

determine (i) the total value of all stock and cash dividends (valued as

above provided) received by such broker or dealer, or nominee of such

broker or dealer, in this state during nineteen hundred seventy as the

holder of record of a security and shall multiply such total value by

the average factor of such broker or dealer, (ii) the aggregate amount

of stock and cash dividends (valued as above provided) received by such

broker or dealer, or nominee of such broker or dealer, in this state

during nineteen hundred seventy as the holder of record of a security

for a person or persons unknown to such broker or dealer, less the cost

incurred by such broker or dealer not later than the thirty-first day of

December, nineteen hundred seventy-five in covering stock and cash divi-

dends which should have been received by such broker or dealer, or

nominee of such broker or dealer, during nineteen hundred seventy but,

according to the books and records of such broker or dealer, were not

received, and (iii) the aggregate amount of interest payments received

by such broker or dealer, or nominee of such broker or dealer, in this

state during nineteen hundred sixty-nine on securities held for persons

unknown to such broker or dealer, less the cost incurred by such broker

or dealer not later than the thirty-first day of December, nineteen

hundred seventy-five in covering interest payments which should have

been received by such broker or dealer, or nominee of such broker or

dealer, during nineteen hundred seventy but, according to the books and

records of such broker or dealer, were not received. The greater of the

two amounts determined pursuant to clauses (i) and (ii) of the preceding

sentence, plus the amount determined pursuant to clause (iii) of such

sentence, shall be deemed abandoned property pursuant to subdivisions

one and three of this section relating to the year nineteen hundred

seventy on the thirty-first day of December, nineteen hundred

seventy-five.

Each broker or dealer which uses the procedure described above in this

subdivision shall maintain for a period of not less than six years

commencing January first, nineteen hundred seventy-two, books and

records evidencing the receipt of dividends in this state for each of

the base years, and the payment thereof over the five years succeeding

each base year.

Any broker or dealer who chooses to determine the property which on

the thirty-first day of December in the years nineteen hundred

seventy-two or nineteen hundred seventy-three shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the years nineteen hundred sixty-seven or nineteen hundred

sixty-eight by the method described in this subdivision shall thereafter

determine the property which on the thirty-first day of December in each

subsequent year ending not later than December thirty-first, nineteen

hundred seventy-five shall be deemed abandoned property pursuant to

subdivisions one and three of this section relating to a year not later

than nineteen hundred seventy by the method described in this

subdivision. No broker or dealer may choose to determine the property

which on the thirty-first day of December in the years nineteen hundred

seventy-four or nineteen hundred seventy-five shall be deemed abandoned

property pursuant to subdivisions one and three of this section relating

to the years nineteen hundred sixty-nine or nineteen hundred seventy by

the method described in this subdivision unless such broker or dealer

shall have used the method described in this subdivision to determine

the property which on the thirty-first day of December in the year

nineteen hundred seventy-three shall be deemed abandoned property

pursuant to subdivisions one and three of this section relating to the

year nineteen hundred sixty-eight.

The method of determining abandoned property pursuant to subdivisions

one and three of this section as described in this subdivision shall be

available only to such brokers or dealers as have made written reports

pursuant to section five hundred thirteen in each of the years nineteen

hundred seventy-one and nineteen hundred seventy-two covering each of

the base years.

In the event that an audit of a broker or dealer by the state

comptroller establishes that one or more of the dollar values determined

by the broker or dealer for the purpose of computing the average factor

of such broker or dealer pursuant to this subdivision was incorrect, the

corrected average factor of such broker or dealer established as a

result of such audit shall be determined to be the average factor

required to be used by such broker or dealer in determining abandoned

property pursuant to this subdivision.

Any broker or dealer who does not determine abandoned property

pursuant to subdivisions one and three of this section by the method

described in this subdivision and who during any of the calendar years

nineteen hundred sixty-seven, nineteen hundred sixty-eight, nineteen

hundred sixty-nine or nineteen hundred seventy received in this state

any stock dividend as the holder of record of a security for a person or

persons unknown to such broker or dealer and who sold any such stock

dividend during any such or subsequent calendar year, shall pay the

proceeds of such sale to the state comptroller not later than the

thirty-first day of December, nineteen hundred seventy-three and such

proceeds shall, for all purposes of this chapter be deemed abandoned

property on the thirty-first day of December of the calendar year during

which such sale takes place.

Payment or delivery of abandoned property. 1. In the month of

March of each year, and on or before the tenth day thereof, every broker

or dealer shall pay or deliver to the state comptroller all property

which on the preceding thirty-first day of December was deemed abandoned

property pursuant to section five hundred eleven excepting such property

as since that date has ceased to be abandoned.

2. Where any security delivered to the state comptroller pursuant to

subdivision one hereof, is delivered by him to the issuing corporation,

the security shall be transferred to him on the books of the corporation

and a certificate registered in the name of the state comptroller shall

be delivered to him. The corporation and its transfer agent, registrar

or other person acting for or on behalf of the corporation in executing

or delivering such certificate shall be relieved from liability to any

person for any losses or damages resulting from the issuance and

delivery to the state comptroller of such certificate.

Report to accompany payment or delivery. A payment or delivery

pursuant to section five hundred twelve shall be accompanied by a

written report, affirmed as true and accurate under penalty of perjury,

in such form as the state comptroller may prescribe, setting forth:

1. With reference to any amount specified in subdivision one of

section five hundred eleven,

(a) A description of the security,

(b) The number of shares represented or the face amount of the

security,

(c) The date the dividend or interest was payable, and

(d) Such other information as the state comptroller may require.

2. With reference to any amount specified in subdivision two of

section five hundred eleven,

(a) The name and last known address, if any, of the customer entitled

to such amount,

(b) The date of the last entry, other than the credit of interest or

dividends, in the account in which such amount is reflected, recorded or

included, and

(c) Such other information as the state comptroller may require.

3. With reference to any security specified in subdivision three or

four of section five hundred eleven,

(a) A description of the abandoned security,

(b) The number of shares represented or the face amount of the

security,

(c) The name and last known address, if any, of the person appearing

to be entitled to such abandoned property, and

(d) Such other information as the state comptroller may require.

4. In case any broker or dealer determines the property which shall be

deemed abandoned property pursuant to subdivisions one and three of

section five hundred eleven by the method provided in subdivision six of

that section, the payment of such abandoned property shall be

accompanied by a written report, affirmed as true and accurate under

penalty of perjury, in such form as the state comptroller may prescribe,

which, among other things, shall set forth the computation of the

average factor of such broker or dealer pursuant to subdivision six of

section five hundred eleven. Each written report accompanying the

payment of abandoned property determined pursuant to subdivision six of

section five hundred eleven shall contain an undertaking by the broker

or dealer making such payment to honor all claims to the extent herein

provided whenever made against such broker or dealer by any person

determined by him or proved to be entitled to receive from him a stock

or cash dividend received in this state during the calendar year covered

by such report as the holder of record of a security or an interest

payment on a security received in this state during such year. Such

undertaking shall obligate the broker or dealer to honor any such claim

provided that the payment of abandoned property relating to the year in

question determined pursuant to subdivision six of section five hundred

eleven made by such broker or dealer to the state comptroller has been

exhausted as a result of reimbursements by the state comptroller to the

broker or dealer or to other persons claiming such abandoned property as

provided in subdivision two of section five hundred fourteen. To the

extent related to any stock dividend, any such claim shall not exceed

the fair market value of such stock dividend on the thirty-first day of

December of the year in which such stock dividend was deemed abandoned

property.

Retention of books and records. 1. Every broker or dealer

shall retain the books and records set forth in subdivision two of this

section relating to the years nineteen hundred sixty-seven, nineteen

hundred sixty-eight, nineteen hundred sixty-nine and nineteen hundred

seventy for a period of ten years following the end of the year in which

created; shall retain all such books and records relating to the year

nineteen hundred seventy-one for a period of nine years following the

close of nineteen hundred seventy-one; and shall retain all such books

and records relating to any subsequent calendar year for a period of ten

years following the end of the year in which created. The books and

records so retained shall be made available to the state comptroller

upon his request in the performance of his duties under this chapter.

2. The following books and records shall be those referred to in

subdivision one of this section: general ledgers, customers ledgers;

daily and weekly stock position records; dividend sheets; cash blotters;

purchase and sales blotters; daily journals; bank reconciliations;

cancelled checks; claim letters; independent auditor's reports; trial

balances; private ledgers; financial statements and supporting data;

chart of accounts; and copies of abandoned property reports.

Reimbursement of brokers or dealers. 1. A broker or dealer

which has paid or delivered to the state comptroller abandoned property

pursuant to section five hundred twelve may elect to make payment to the

person entitled thereto. A broker or dealer making such payment may file

claim for reimbursement by the state comptroller. The state comptroller

upon satisfactory proof of such payment shall, after audit, reimburse

such broker or dealer. In no event, however, shall such reimbursement

exceed the amount to which the claimant is entitled pursuant to

subdivision two of section fourteen hundred three of this chapter.

2. A broker or dealer which has paid to the state comptroller

abandoned property relating to any of the years nineteen hundred

sixty-seven, nineteen hundred sixty-eight, nineteen hundred sixty-nine

or nineteen hundred seventy, determined pursuant to subdivision six of

section five hundred eleven, may elect thereafter to make payment to a

person entitled to receive (i) a stock or cash dividend received in this

state during any such year by such broker or dealer, or nominee of such

broker or dealer, as the holder of record of a security, or (ii) an

interest payment on a security received in this state during any such

year by such broker or dealer, or nominee of such broker or dealer. A

broker or dealer making any such payment may file claim for

reimbursement by the state comptroller. Subject to the provisions of

this subdivision, the state comptroller upon satisfactory proof that a

broker or dealer has made payment to the person entitled thereto shall,

after audit of such claim, reimburse such broker or dealer. In no event

shall the amount or amounts reimbursed by the state comptroller to a

broker or dealer relating to any of the years nineteen hundred

sixty-seven, nineteen hundred sixty-eight, nineteen hundred sixty-nine

or nineteen hundred seventy, plus amounts paid by the state comptroller

to any person claiming such abandoned property relating to any of such

years, exceed the amount paid by the broker or dealer to the state

comptroller pursuant to subdivision six of section five hundred eleven

relating to such year. In no event shall the amount paid by the state

comptroller to any person claiming a stock dividend received by a broker

or dealer, or nominee of such broker or dealer, in any of such years, or

to a broker or dealer in reimbursement of any such claim paid by such

broker or dealer, exceed the value of such stock dividend as most

recently reported by any generally recognized statistical service on the

thirty-first day of December of the year in which such stock was deemed

abandoned property.

Unclaimed or unknown owner court funds. 1. The following

unclaimed property shall be deemed abandoned property:

(a) Any moneys including the monetary proceeds from the sale of

tangible personal property and securities or other intangible property

paid into court, which, except as provided in section ten hundred of

this chapter, shall have remained in the hands of any county treasurer,

or the commissioner of finance of the city of New York, for three years,

together with all accumulations of interest or other increment thereon,

less such legal fees as he may be entitled to.

(b) The monetary proceeds representing any legacy or distribution

share to which an unknown person is entitled, as specified in section

two thousand two hundred twenty-two of the surrogate's court procedure

act.

2. Any abandoned property held or owing by a county treasurer or the

commissioner of finance of the city of New York to which the right to

receive the same is established to the satisfaction of such county

treasurer or commissioner of finance of the city of New York shall cease

to be abandoned.

3. Notwithstanding the provisions of this section, deposits made with

a county treasurer or the commissioner of finance of the city of New

York pursuant to order of a court, made subsequent to the second day of

April nineteen hundred fifty-two, for the benefit of a person who was an

infant at the time of the making of such order, shall not be subject to

the provisions of this chapter until such infant attains the age of

eighteen years.

Publication of list of abandoned property. 1. On or before the

first day of February in each year, such county treasurer or the

commissioner of finance of the city of New York shall cause to be

published a notice entitled: "NOTICE OF NAMES OF PERSONS APPEARING AS

OWNERS OF CERTAIN UNCLAIMED PROPERTY HELD BY (title of officer)."

2. Such notice shall be published once in two newspapers published in

the county where such abandoned property is held, except that if such

abandoned property is held by the commissioner of finance of the city of

New York it shall be published once in two newspapers published daily in

the city of New York, not more than one of which shall be published in

any one county. If there is only one newspaper published in any such

county, such notice shall be published in such newspaper, or, if there

are no newspapers published in such county, then in a newspaper

published in an adjacent county. Such publication shall be in a

newspaper printed in the English language and any other newspaper that

will substantially serve to inform the public of such abandoned

property. The comptroller shall promulgate rules to determine when it is

appropriate to designate an additional publication.

3. Such notice shall be classified as the state comptroller shall

prescribe and shall set forth:

(a) the names and last-known addresses, in alphabetical order, of all

persons appearing to be entitled to any such abandoned property, as of

the first day of January next preceding, amounting to fifty dollars or

more, except the names of persons appearing to be the owners of

abandoned property which since such date has ceased to be abandoned.

With the consent of the state comptroller, the name and last known

address of any person may be omitted from such notice where special

circumstances make it desirable that such information be withheld;

(b) such other information as the state comptroller may require; and

(c) a statement

(i) that a list of the names contained in such notice is on file and

open to public inspection at the office of such officer;

(ii) that such unclaimed moneys or other property will be paid or

delivered by him on or before the thirty-first day of March to persons

establishing to his satisfaction their right to receive the same; and

(iii) that in the succeeding month of April, and on or before the

tenth day thereof, such unclaimed moneys or other property still

remaining will be paid or delivered to the state comptroller and that he

shall thereupon cease to be liable therefor.

4. Such county treasurer or commissioner of finance of the city of New

York shall file with the state comptroller on or before the tenth day of

February in each year proof by affidavit of such publication.

Payment of abandoned property. 1. In such succeeding month of

April, and on or before the tenth day thereof, every county treasurer

and the commissioner of finance of the city of New York shall pay or

deliver to the state comptroller all abandoned property specified in

paragraph (a) of subdivision one of section six hundred, which was so

abandoned as of the first day of January next preceding.

2. Within thirty days after a decree as provided by section two

thousand two hundred twenty-two of the surrogate's court procedure act,

the executor, administrator, guardian or testamentary trustee shall pay

or deliver to the state comptroller all abandoned property specified in

paragraph (b) of subdivision one of section six hundred.

4. A payment or delivery of abandoned property required to be made

pursuant to subdivision one or subdivision three of this section may be

made without an order.

Report to accompany payment. Each such payment of abandoned

property pursuant to section six hundred two shall be accompanied by a

written report, affirmed as true and accurate under penalty of perjury,

classified as the state comptroller shall prescribe, setting forth:

(a) The names and last known addresses, if any, of the persons

entitled to receive such abandoned property;

(b) The title of any proceeding relating to such abandoned property;

and

(c) Such other identifying information as the state comptroller may

require.

Unclaimed life insurance corporation moneys. 1. The following

unclaimed property held or owing by life insurance corporations shall be

deemed abandoned property:

(a) Any moneys held or owing by any life insurance corporation which

shall have remained unclaimed for three years by the person or persons

appearing to be entitled thereto under matured life insurance policies

on the endowment plan and which are payable to any person whose

last-known address, according to the records of the corporation, is

within this state.

(b) Any moneys held or owing by any life insurance corporation which

are payable under other kinds of life insurance policies to any person

whose last-known address, according to the records of the corporation,

is within this state, where the insured, if living, would have attained

the limiting age under the mortality table on which the reserves are

based, exclusive of

(i) any policy which has within three years been assigned, readjusted,

kept in force by payment of premium, reinstated or subjected to loan, or

(ii) any policy with respect to which such corporation has on file

written evidence received within three years that the person or persons

apparently entitled to claim thereunder have knowledge thereof.

(c) Any moneys held or owing by any life insurance corporation due to

beneficiaries or other persons entitled thereto under policies on the

lives of persons who have died where the last-known address, according

to the records of the corporation, of the person or persons appearing to

be entitled thereto is within this state, which moneys shall have

remained unclaimed by the person or persons entitled thereto for three

years.

(d) Any other moneys which are held or owing by any life insurance

corporation on or after July first, nineteen hundred sixty-seven

constituting or representing refunds of any kind due upon or in

connection with life insurance policies payable to any person whose last

known address, according to the records of the corporation, is within

this state, which moneys shall have remained unclaimed by the person

entitled thereto for three years.

(e) Any moneys held or owing by any life insurance corporation on or

after July first, nineteen hundred eighty-three upon or in connection

with an annuity contract payable to any person whose last-known address,

according to the records of the corporation, is within this state, which

moneys shall have remained unclaimed by the person entitled thereto for

three years.

(f) If no address of the person or persons appearing to be entitled to

the unclaimed funds pursuant to (a), (b), (c), (d) or (e) of this

subdivision is known to such corporation, or if it is not definite and

certain from the records of such corporation what person is entitled to

such funds, it shall be presumed that the last-known address of the

person entitled to such funds is the same as the last-known address of

the insured or annuitant according to the records of such corporation.

Where no address can be ascertained, pursuant to this paragraph, for the

insured, annuitant or person or persons entitled to the unclaimed funds,

such person's last-known address shall be presumed to be within this

state if the unclaimed funds are held or owing by life insurance

corporation organized under the laws of this state.

2. Any such abandoned property held or owing by a life insurance

corporation to which the right to receive the same is established to the

satisfaction of such corporation shall cease to be deemed abandoned.

Publication of list of abandoned property. 1. Every such life

insurance corporation shall cause to be published, on or before the

first day of May in each year, a notice entitled: "NOTICE OF NAMES OF

PERSONS APPEARING AS OWNERS OF CERTAIN UNCLAIMED PROPERTY HELD BY (name

of life insurance corporation)."

2. Such notice shall be published once in at least one newspaper

published in the county of the state in which is located the last-known

address of the holder of a policy under which such abandoned property is

payable. If there are no newspapers published in such county then such

notice shall be published in a newspaper published in an adjacent

county. Such publication shall be in a newspaper printed in the English

language and any other newspaper that will substantially serve to inform

the public of said abandoned property. The comptroller shall promulgate

rules to determine when it is appropriate to designate an additional

publication.

3. Such notice shall set forth:

(a) the names and last known addresses which were in such report, of

all persons appearing to be entitled to any such abandoned property

amounting to fifty dollars or more; provided, however, that with the

consent of the state comptroller, the name and last known address of any

person may be omitted from such notice where special circumstances make

it desirable that such information be withheld. Such names shall be

listed in alphabetical order;

(b) such other information as the state comptroller may require; and

(c) a statement

(i) that a report of unclaimed amounts of money held or owing by it

has been made to the comptroller of the state of New York and that a

list of the names contained in such notice is on file and open to public

inspection at the principal office or place of business of such life

insurance corporation in any city, village or county where any such

abandoned property is payable;

(ii) that such unclaimed moneys will be paid by it on or before the

succeeding thirty-first day of August to persons establishing to its

satisfaction their right to receive the same; and

(iii) that in the succeeding month of September, and on or before the

tenth day thereof, such unclaimed moneys still remaining will be paid to

the comptroller of the state of New York and that it shall thereupon

cease to be liable therefor.

4. Such life insurance corporation shall file with the state

comptroller on or before the tenth day of May in each year proof by

affidavit of such publication.

Payment of abandoned property. 1. In such succeeding month of

September, and on or before the succeeding tenth day thereof, every such

life insurance corporation shall pay to the state comptroller all

property which, as of the first day of January next preceding, was

deemed abandoned pursuant to section seven hundred of this article, held

or owing by such life insurance corporation.

2. Such payment shall be accompanied by a true and accurate report

setting forth such information as the state comptroller may require

relative to such abandoned property including:

(a) the name and last known address of any person or persons appearing

from the records of such life insurance corporation to be entitled to

receive any such abandoned property;

(b) the amount appearing from the records of such corporation to be

due;

(c) the policy number and policy age of the insured;

(d) the date such abandoned property was payable;

(e) the names and last known addresses of each beneficiary appearing

in the records of the insurer; and

(f) such other identifying information as the state comptroller may

require.

3. Such report shall be in such form and the abandoned property listed

shall be classified in such manner as the state comptroller may

prescribe. Names of persons appearing to be entitled to such property or

of beneficiaries appearing in such report shall be listed in

alphabetical order within each such classification.

Life insurance departments of savings and insurance banks. The

life insurance department of any savings and insurance bank shall be

regarded as a domestic life insurance corporation for the purposes of

this article and such savings and insurance banks shall comply with and

be subject to all the provisions of this article with respect to the

actions and transactions of such life insurance department.

Unclaimed and undistributed property held by superintendent of

financial services, as liquidator, upon completion of proceeding. 1.

Upon filing the final report or accounting of the superintendent of

financial services, as liquidator, closing any proceeding commenced

under article seventy-four of the insurance law, all unclaimed and

undistributed dividends and other assets of every nature and description

whatsoever, including assets of a special or trust nature, which have

been held by the liquidator for five years or more, and which the

liquidator has not been specifically directed to hold for a longer

period by supreme court order, shall be deemed abandoned property.

2. Any such abandoned property held by the superintendent of financial

services, as liquidator, to which the right to receive the same is

established as provided by law, shall cease to be deemed abandoned.

Payment of abandoned property after liquidation by

superintendent of financial services. 1. Not later than the first day of

October in every year the superintendent of financial services shall pay

to the state comptroller all such abandoned property held by him which

shall have become abandoned at any time prior to the first day of July

next preceding, excepting such abandoned property as since such first

day of July shall have ceased to be abandoned.

2. Such payment shall be accompanied by a statement signed by the

superintendent of financial services setting forth the name and last

known address, and the amount owing to, each person appearing to be the

owner of any such abandoned property, or, if the name is unknown, the

nature of the original claim and the name of the insurer, and such other

identifying information as the state comptroller may require.

Reimbursement for claims paid by insurers. Any life insurance

corporation which has paid to the state comptroller moneys deemed

abandoned property pursuant to the provisions of this article may make

payment to any person entitled to all or any part thereof and shall

thereby acquire all of the rights of such person to payment by the state

comptroller.

Unclaimed condemnation awards. 1. (a) Any moneys held or owing

for the payment of an award made by a court in any condemnation

proceeding and payable by a public corporation or other corporation

possessing powers of condemnation, which shall have remained unclaimed

by the person or persons appearing to be entitled thereto for three

years after confirmation by the court, together with any interest due

thereon, less, when an award is payable by a public corporation, any

amount due such public corporation at the time of title vesting for tax,

water or any other liens on the same parcel the award was for, with any

interest due thereon, and any amount due such public corporation at the

time of title vesting or at the time of confirmation, whichever is

later, for an assessment on the same parcel the award was for, with any

interest due thereon, shall be deemed abandoned property. In any

condemnation proceedings in which the court shall have not made an

award, any moneys paid into court, including interest thereon, shall be

subject to the provisions of article six of this chapter and this

section shall have no application thereto.

(b) The issuance of a warrant for such an award shall not prevent an

award from being deemed abandoned property if such warrant is unclaimed

three years after confirmation of such award by the court.

2. Any such abandoned property held or owing by such a corporation to

which the right to receive the same is established to the satisfaction

of such corporation shall cease to be deemed abandoned.

Publication of notice of abandoned property. 1. Every such

corporation shall cause to be published, on or before the first day of

November in each year, once in a newspaper of general circulation in

each county where a damaged parcel included in such report is located a

notice, approved as to form by the state comptroller, stating:

(a) That a report of all awards in condemnation proceedings unclaimed

for more than three years has been made to the state comptroller and

that a copy thereof is on file and open to public inspection, if a

public corporation at the office of the chief fiscal officer thereof; or

if not a public corporation at the principal office or place of business

of such corporation;

(b) That such awards, together with any interest due thereon and less

lawful deductions, will be paid by it on or before the succeeding

thirty-first day of January to persons establishing to its satisfaction

their right to receive the same; and

(c) That in the succeeding month of February, and on or before the

tenth day thereof, such awards, together with any interest due thereon

and less lawful deductions, still remaining will be paid to the state

comptroller and that it shall thereupon cease to be liable therefor.

2. Such corporation shall file with the state comptroller on or before

the tenth day of November proof by affidavit of such publication.

Payment of abandoned property. 1. In such succeeding month of

February, and on or before the tenth day thereof, every such public and

other corporation shall pay to the state comptroller all property which,

as of the first day of July next preceding, was deemed abandoned

pursuant to section one thousand of this article, held or owing by such

corporation.

2. Such payment shall be accompanied by a true and accurate report

setting forth such information as the state comptroller may require in

relation to such abandoned property including the title of the

proceeding, the name and last known address of the awardee if such award

is made to a known owner, the date of confirmation, the damage parcel

number, the amount of the award, and the amount of any interest due

thereon and, if a deduction is claimed for liens by a public

corporation, the nature and amount of such liens and any interest

claimed thereon.

Unclaimed property paid or deposited in federal courts. All

money or other property which shall have been, or shall hereafter be,

paid into or deposited in the custody of, or be under the control of,

any court of the United States in and for any district within the state,

or shall have been or hereafter shall be in the custody of any

depository, registry, clerk, or other officer of such court, and the

rightful owner or owners thereof either (a) shall have been or shall be

unknown for a period of ten consecutive years; or (b) shall have died or

shall die without having disposed thereof, and without having left or

without leaving a will disposing thereof, and without having left or

without leaving heirs, next-of-kin, or distributees; or (c) shall have

abandoned or shall abandon such funds or property, are declared to have

escheated or to escheat, together with all interest accrued thereon, to

and to have become or to become the property of the state.

Presumption of abandonment. In any proceeding authorized by

this article if it shall appear from the records of the court of the

United States that the rightful owner or owners of money or property

which has been or shall hereafter be deposited in the custody or be

under the control of, such court, or in the custody of its depository,

registry, clerk, or other officer, have not made claim thereto for a

period of ten successive years, it shall be presumed for all purposes of

this article that such rightful owner or owners are, and during such

period have been, unknown, and that they have died without having

disposed thereof, and without having left a will, and without having

left any heirs, next-of-kin, or distributees, and that such property has

been abandoned. In a case where the rightful owners of such money or

property was a corporation it shall also be presumed for purposes of

this article that the corporation is dissolved and no longer in

existence, and its charter forfeited, and all the foregoing presumptions

set forth in this section shall be made with respect to the rightful

owners or claimants to the assets of such corporation, including its

stockholders and creditors. Any or all of the foregoing several

presumptions may be rebutted by competent evidence to the contrary.

Special proceeding for escheat. Whenever it shall appear,

after investigation by the comptroller or otherwise, that there exists

or may exist escheated property under this article, the attorney-general

may institute a special proceeding in the name of the people of the

state of New York for an adjudication that an escheat to the state of

such property has occurred, and he shall take appropriate action to

recover such funds or property.

Jurisdiction. The supreme court shall have jurisdiction to

hear and determine such a special proceeding. Such proceeding shall be

commenced in the supreme court for the county in which is located the

court of the United States into which such escheated property has been

paid or which has control or custody of said property, or which has

jurisdiction to make orders for the payment of such funds or property to

the rightful owners thereof.

Respondents. There shall be named as respondents:

(a) All last known owners or claimants as disclosed by the records of

such court, provided however that if (1) the particular fund does not

exceed five hundred dollars, or (2) such last known owners or claimants,

with respect to a particular fund, exceed ten in number, or (3) the

records of such court fail to disclose the number of owners or claimants

with respect to a particular fund with a reasonable degree of certainty,

they may be designated and described as a class, to wit, as "last known

owners or claimants to the fund or property deposited to the credit of

the following entitled actions or proceedings in the United States

District Court for the .............. District of New York: (naming the

actions and proceedings by their titles as appearing on the original

process which instituted such actions or proceedings, or by suitable

abbreviations thereof, which shall sufficiently describe such actions

and proceedings); and

(b) All unknown owners or claimants, who may be designated and

described as "unknown owners or claimants to the fund or property

deposited to the credit of the following entitled actions or proceedings

in the United States district court for the ............ district of New

York: (naming the actions and proceedings by their titles as appearing

on the original process which instituted such actions or proceedings, or

by suitable abbreviations thereof, which shall sufficiently describe

such actions and proceedings)."

Contents of petition. The petition shall briefly describe the

fund or property with respect to which the proceeding is brought, and

the nature of the action or proceeding which gave rise to the fund or

property. It may include one or more items, as the attorney-general may

be advised, without prejudice to his right subsequently to commence

proceedings relating to other items not included. It shall also set

forth the facts from which the court may find, or from which a

presumption may arise, that (a) the rightful owner or owners of the fund

or property are unknown; or (b) that they have died without having

disposed thereof, and without having left a will, disposing thereof and

without having left any heirs, next-of-kin or distributees; or (c) that

such property has been abandoned.

Service of notice and petition. 1. The notice and petition

shall be served upon the clerk of the court into which or into whose

registry the fund or property has been paid or deposited or which has

control or custody thereof, or which has jurisdiction to make orders for

the payment of such money to the rightful owners thereof, together with

a notice that no personal claim is made against him, and also upon the

United States attorney for the district in which such court is located.

2. The notice shall be served by publication, as hereinafter set

forth, upon the other respondents described in subdivisions (a) and (b)

of section twelve hundred four of this act. The court, upon finding that

the petition sufficiently sets forth the facts required under section

twelve hundred one of this article, may make any or all of the

presumptions set forth in such section and make an order directing that

the notice be served upon such respondents by publication thereof not

less than once in each of four successive weeks in two newspapers in the

English language designated in the order as most likely to give notice

to such owners or claimants, which newspapers shall be published in the

county in which the escheat proceeding shall be commenced, and also by

publication thereof in the state bulletin as provided in the executive

law.

Contents and time of answer. For the purpose of reckoning the

time within which a respondent must appear or answer, service by

publication under this article is complete on the twenty-eighth day

after the date of first publication. Any respondent, or any person

making claim to any of the property or funds described in the petition,

shall have sixty days after completion of service within which to

appear, and the time for all further proceedings shall be as prescribed

for proceedings in the supreme court. The answer shall be verified,

shall set forth the true name, residence and business address, if any,

of the claiming respondent, and shall set forth in full detail the basis

of the claim and the respondent's claim of title thereto.

Amendment of proceedings. On application of the

attorney-general the court shall:

(a) order the proceeding with respect to items, or portions thereof,

as to which claimants appear, to be severed into one or more separate

proceedings, and allow all such proceedings to proceed separately;

(b) amend the proceeding or proceedings, as the case may be, by adding

to the title thereof the true names of the claiming respondents;

(c) amend the proceedings from time to time in any just and equitable

manner.

Judgment. If the court, after taking the testimony, shall

determine either (a) that the rightful owner or owners of such funds or

property are unknown or (b) that they have died without having disposed

thereof, and without having left a will disposing thereof, and without

having left heirs, next-of-kin or distributees, or (c) that they have

abandoned such funds or property, it shall make and enter separate

findings of fact and conclusions of law and enter a final order,

describing the funds or property, and adjudicating that they have

escheated and are payable to the state of New York. The findings of any

one such set of facts shall not be deemed inconsistent with any other

such set of facts, and the court may find one or more such sets of

facts. If the court shall determine that any funds or property or part

thereof had not escheated to the state, it shall make and enter separate

findings of fact and conclusions of law and shall make and enter a final

order describing said funds or property or part thereof, dismissing the

petition with respect thereto either on the merits or without prejudice

to a subsequent proceeding as may be proper.

Collection by attorney-general. The attorney-general shall

take appropriate action, by obtaining an order of the court of the

United States, or otherwise, to collect and receive such funds or

property.

Payment to the state comptroller; report. 1. Upon the

collection or receipt of any such funds or property the attorney-general

shall forthwith pay or deliver the same to the state comptroller.

2. Each such payment or delivery shall be accompanied by a written

report setting forth the names and last known addresses, if any, of the

persons whose property has been escheated pursuant to this article and

such other identifying information as the state comptroller may require.

Purpose and policy. It is the purpose of this article to

extend the declared policy of the state with respect to unclaimed or

abandoned property to all such property in the possession, custody or

control of the United States of America, its officers, agencies,

departments, instrumentalities and corporations. Article twelve of the

abandoned property law provides for the escheat of such property paid

into or deposited in courts of the United States. This article provides

for the escheat of all unclaimed or abandoned property, of whatever kind

or nature, in the possession, custody or control of all other federal

authorities, bodies or corporations and shall be liberally construed to

accomplish such purpose.

Definitions. When used in this article, the following terms

shall have the following meanings:

(a) "Property" includes, but is not limited to, money, rights to claim

refunds or rebates, postal savings deposits, bonds, notes, certificates,

policies of insurance, other instruments of value, choses in action,

obligations whether written or unwritten, and any thing of value of any

nature whatsoever.

(b) "United States" means any officer, agency, department or

instrumentality of the United States of America, other than a court, and

any corporation organized under its laws.

Escheat. If the rightful owner of any property in the

possession, custody or control of the United States either (a) shall

have been or shall be unknown for seven consecutive years; or (b) shall

have died or shall die without having disposed thereof and without

having left or without leaving a will disposing thereof, and without

leaving heirs, next-of-kin, or distributees; or (c) shall have abandoned

or shall abandon such property, and either:

(i) the last known address of such rightful owner, as it appears from

the records of the United States is in this state, or

(ii) there is no last known address for such rightful owner and the

agency or instrumentality possessing, holding, controlling or owing such

property is a corporation domiciled in this state; or

(iii) there is no last known address for such rightful owner, the

agency or instrumentality possessing, holding, controlling or owing such

property is not a corporation or is a corporation domiciled in a state

other than New York which has no escheat or custodial statute relating

to unclaimed or abandoned property and either

1. the records showing the name of and amount due the rightful owner

are in this state; or

2. such property was paid to, deposited with or otherwise acquired by

the United States in this state or as the result of transactions

occurring in this state; or

3. such property is owed or came into being as the result of returns

filed or other transactions occurring in this state; or

4. the court, in its discretion, finds that such property has or had

sufficient other contacts with this state;

then such property, together with all interest or other increments

accrued thereon, shall escheat to the state of New York.

Presumptions. If it shall appear from the records of the

United States that the rightful owner of property described in section

twelve hundred fifteen of this article has not made claim thereto for a

period of seven consecutive years, it shall be presumed for purposes of

escheat proceedings under this article that such rightful owner is, and

during such period has been, unknown or has died without having disposed

thereof and without having left a will, and without having left any

heirs, next-of-kin or distributees or that such property has been

abandoned and that such property has escheated. In any case wherein the

rightful owner of such property is a corporation it shall also be

presumed for purposes of escheat proceedings under this article that the

corporation is dissolved, no longer in existence, and its charter

forfeited and the presumptions set forth in the first sentence of this

section shall be made with respect to the rightful owners or claimants

to the assets of such corporation, including its stockholders and

creditors. The presumptions provided for in this section may be rebutted

by competent evidence to the contrary.

Procedure. Whenever it appears, after investigation by the

comptroller or otherwise, that there exists or may exist escheated

property under this article, the attorney general may take action to

recover such property. For such purpose the attorney general may

institute special proceedings in the name of the people of the state of

New York in the supreme court of this state. In any such proceeding

there shall be named as respondents

(a) All last known owners or claimants appearing in the records of the

United States. These may be described as a class when

(i) they own or claim property of the same nature and the value of

such property as shown on the account of each such owner or claimant in

the records of the United States does not exceed five hundred dollars in

value, or

(ii) the records of the United States show more than ten such owners

or claimants for a particular fund, item or category of property, or

(iii) the records of the United States fail to disclose the number of

owners or claimants for a particular fund, item or category of property

with a reasonable degree of certainty.

(b) All unknown owners or claimants. These may be described as a

class.

Notice. The notice shall contain the names of known

respondents or their class description when that is permitted under

section twelve hundred seventeen (a) of this article, the class

description of unknown owners or claimants, the time and place of

hearing, the identity of the officer, agency, department,

instrumentality or corporation having possession, custody or control of

the property, a description of the property involved and a summary of

the relief requested.

Petition. The petition shall describe the property with

respect to which the proceeding is instituted, the facts from which the

court may find that the requirements of section twelve hundred fifteen

of this article have been met and from which the presumptions set forth

in section twelve hundred sixteen of this article may arise. It may

include one or more items of property, as the attorney general may be

advised, without prejudice to his right subsequently to commence

proceedings relating to other items not included, provided, however,

that when known owners or claimants are described as a class, the

requirements of section twelve hundred seventeen (a) (i) of this article

must be met.

Service. The notice shall be served

(a) by first class mail on all known respondents for whom there is a

last known address; and

(b) by publication on unknown respondents and known respondents for

whom there is no last known address in the manner provided in

subdivision two of section twelve hundred six of this chapter; and

(c) by first class mail, together with a copy of the petition, on the

clerk, registrar or other officer in charge of the agency, department,

instrumentality or corporation having possession, custody or control of

such property, together with a statement that no personal claim is made

against him.

Judgment. If the court, after taking testimony shall determine

the facts specified by section twelve hundred fifteen of this article,

it shall make and enter findings and a final order as set forth in

section twelve hundred ten of this chapter the provisions of which, in

respect to findings and orders, shall apply to orders made in escheat

proceedings under this article.

Application of other provisions of article twelve. The

provisions of sections twelve hundred seven, twelve hundred eight,

twelve hundred eleven and twelve hundred twelve of article twelve of

this chapter shall apply to all escheat proceedings under this article.

Alternative to escheat. If it appears from the records of the

United States that the rightful owner of any property subject to escheat

under this article has not made claim thereto for seven years and the

attorney general does not deem it advisable to institute an escheat

proceeding with respect thereto, or has instituted such a proceeding but

has not obtained a judgment of escheat therein, such unclaimed property

may be deemed abandoned property and shall be paid or delivered to the

state comptroller for disposition in accordance with the provisions of

this chapter and the provisions of section ninety-five of the state

finance law.

Unclaimed surplus from sale of pledged property. 1. Any

unclaimed moneys arising from the sale of any personal property which

shall have been pledged or mortgaged as security for the loan of money

with a corporation, except a banking organization or a licensed lender,

heretofore or hereafter organized by or pursuant to a special statute

for the purpose of, and principally engaged in, giving aid to

individuals by loans of money at interest upon the pledge or mortgage of

personal property, and which has subjected itself to special provisions

of the banking law, after deducting the amount of the loan, the interest

then due on the same and any other lawful charges, which shall have

remained in its possession for three years from the date of such sale,

shall be deemed abandoned property.

2. Any such abandoned property held or owing by a corporation to which

the right to receive the same is established to the satisfaction of such

corporation shall cease to be deemed abandoned.

3. On or before the first day of June in each year every such

corporation shall report and pay over to the state comptroller all

abandoned property specified in subdivision one, which is in its

possession and which shall have become abandoned prior to the preceding

first day of January.

Unclaimed surplus from sale of pledge.

1. The word, "pledgee", as used in this section shall mean any person,

partnership or corporation

(a) loaning money on the deposit or pledge of personal property, or

(b) purchasing personal property on condition of selling back at a

stipulated price, or

(c) doing business as warehouse men and loaning or advancing money

upon goods, wares or merchandise pledged or deposited as collateral

security.

2. Any surplus moneys resulting from a sale by a pledgee, other than a

banking organization, after the thirtieth day of June, nineteen hundred

fifty of personal property after deducting the amount loaned or

advanced, interest due thereon and any other lawful charges, which

surplus moneys have remained unpaid to the person entitled thereto for

one year from the date of such sale, shall be deemed abandoned property.

3. Each year in the month of July and on or before the tenth day

thereof every pledgee shall pay to the state comptroller all abandoned

property specified in subdivision two of this section. Every such

payment shall be accompanied by a verified written statement which shall

contain the name and last known address of the pledgor, the date of the

sale, the number of the pledge, if receipt given to the pledgor is so

identified, and the amount of such surplus moneys.

Unclaimed personal property of persons in certain state

institutions. 1. The following unclaimed property belonging or credited

to a discharged, deceased or escaped person in an institution under the

jurisdiction of the department of social services, the department of

health, the department of mental hygiene, the executive department, or

the department of corrections and community supervision shall be deemed

abandoned property:

(a) Any moneys or intangible personal property which has been

inventoried pursuant to section one hundred twenty-eight of the state

finance law, and

(b) Any proceeds, less lawful deductions, from a sale of tangible

personal property, other than money, pursuant to section one hundred

twenty-eight of the state finance law.

2. Any such abandoned property shall be paid or delivered forthwith to

the state comptroller. Such payment shall be accompanied by a written

report, affirmed as true and accurate under penalty of perjury, setting

forth such identifying information as the state comptroller may require.

3. The rights of any such discharged, deceased or escaped person in or

to any unclaimed passbook, negotiable instrument or other evidence of

indebtedness or ownership delivered to the state comptroller pursuant to

this section shall pass to the state comptroller as custodian under this

chapter.

Unclaimed surplus moneys after recovery of cost of public

assistance and care.

Any amount comprising a balance credited to an estate or person

pursuant to sections one hundred fifty-two-b or three hundred sixty of

the social services law which, on June thirtieth in any year, has for

four years from the date of such credit remained unclaimed by the estate

or person entitled thereto shall be deemed abandoned property.

On or before the tenth day of September in each year every public

welfare official shall pay such abandoned property to the state

comptroller. Such payment shall be accompanied by a written report,

affirmed as true and accurate under penalty of perjury, in such form as

the state comptroller may prescribe.

Abandoned property resulting from the administration of the

vehicle and traffic law. Any abandoned property resulting from the

administration of the vehicle and traffic law in the hands of the

commissioner of motor vehicles or the commissioner of taxation and

finance on the first day of January in any year shall be paid to the

state comptroller not later than the first day of July following. Such

payment shall be accompanied by a written report setting forth such

identifying information as the state comptroller may require.

Unclaimed proceeds from the sale of wrecked property. 1. Any

proceeds, less lawful deductions, from a sale of wrecked property

pursuant to section one hundred thirty-eight of the navigation law,

shall be deemed abandoned property.

2. Any proceeds, less lawful deductions, from a sale of perishable

wrecked property, pursuant to the provisions of section one hundred

thirty-one of the navigation law, held or owing by a county treasurer,

which shall have remained unclaimed by the person entitled thereto for

one year from the date of such sale, shall be deemed abandoned property.

3. Any sheriff or county treasurer holding any such abandoned

property, shall pay the same to the state comptroller immediately after

such property shall have been deemed abandoned. Each such payment shall

be accompanied by a written report, affirmed as true and accurate under

penalty of perjury, which shall set forth such information as the state

comptroller may require.

Unclaimed wages. 1. Any money received from or for the

account of an employer and held or owing by the department of labor for

the payment of compensation for services theretofore performed by

employees or former employees of such employer, which shall have

remained unclaimed by such employee for a period of one year after

receipt thereof by such department, shall be deemed abandoned property.

2. On or before the first day of May in each year the industrial

commissioner shall pay over to the state comptroller for credit to the

abandoned property fund all such property which shall have become

abandoned prior to the first day of the preceding month.

3. Such payment to the comptroller shall be accompanied by a statement

setting forth:

(a) The name and last known address of each employee entitled to such

abandoned property and the amount to which such employee is entitled.

(b) The name of the employer and his or its last known address.

(c) The period of employment during which such salary or wages

accrued.

(d) Such other identifying information as the state comptroller may

require.

Uncashed travelers checks and money orders. 1. Any amount

held or owing by any organization other than a banking organization for

the payment of a travelers check on which such organization is directly

liable, sold by such organization on or after January first, nineteen

hundred thirty, shall be deemed abandoned property if such amount is

held or owing for payment of a travelers check which shall have been

outstanding for more than fifteen years from the date of its sale and

(a) the last known address of the person entitled to such amount as

shown on the books and records of such organization is located within

this state, or

(b) such organization is incorporated in this state and such last

known address is not shown on the books and records of such organization

and the books and records of such organization do not disclose the place

of sale of the travelers check, or

(c) such organization is incorporated in this state and such last

known address or place of sale is located in a state the laws of which

do not provide for the escheat or custodial taking of such amount, or

(d) such organization is incorporated in this state or in another

state or foreign country and such last known address is not shown on the

books and records of such organization and such books and records

disclose that the place of sale of the travelers check was in this

state.

Payment to the state comptroller pursuant to paragraph (b) of this

subdivision shall be subject to the right of any other state, the laws

of which provide for escheat or custodial taking of such amount, to

recover such amount upon proof that the last known address of the person

entitled thereto or place of sale of the travelers check was within that

other state's borders.

Payment to the state comptroller pursuant to paragraph (c) of this

subdivision shall be subject to the right of the state of last known

address to recover such amount if and when the law of the state of such

last known address makes provision for escheat or custodial taking of

such amount.

2. Any amount held or owing by any such organization for the payment

of a money order, or for the payment of any instrument drawn or issued

to effect the payment therefor, sold by such organization on or after

January first, nineteen hundred thirty shall be deemed abandoned

property when such amount has remained unpaid to the person entitled

thereto for five years and

(a) the last known address of such entitled person, according to the

records of such organization is located within this state, or

(b) such organization is incorporated in this state and such last

known address cannot be obtained from the records of such organization

and the records of such organization do not disclose the place of sale

of the money order or instrument, or

(c) such organization is incorporated in this state and such last

known address is located in a state not having in effect a statute under

which such amount is payable to such state as unclaimed, abandoned or

escheated property, or

(d) such organization is incorporated in this state or another state

or foreign country and such last known address is not shown on the

records of such organization and such records disclosed that the place

of sale of the money order or instrument was in this state.

Payment to the state comptroller pursuant to paragraph (b) of this

subdivision shall be subject to the right of any other state, the laws

of which provide for escheat or custodial taking of such amount, to

recover such amount upon proof that the last known address of the person

entitled thereto or place of sale of the money order or instrument was

within that other state's borders.

Payment to the state comptroller pursuant to paragraph (c) of this

subdivision shall be subject to the right of the state of last known

address to recover such amount if and when the law of the state of such

last known address makes provision for escheat or custodial taking of

such amount.

3. On or before the first day of June in each year commencing with the

year nineteen hundred forty-nine every such organization shall pay to

the state comptroller all property deemed abandoned pursuant to this

section. Such payment shall be accompanied by a statement setting forth

such information as the state comptroller may require.

4. Notwithstanding any other provision of law, the rights of a holder

of a travelers check or money order to payment from any such

organization shall be in no wise affected, impaired or enlarged by

reason of the provisions of this section or by reason of the payment to

the state comptroller of abandoned property hereunder, and any such

organization which has paid to the state comptroller abandoned property

held or owing for the payment of a travelers check or money order shall,

upon making payment to the person appearing to its satisfaction to be

entitled thereto and upon submitting to the state comptroller proof of

such payment and the identifying number of the travelers check or money

order so paid, be entitled to claim reimbursement from the state

comptroller of the amount so paid, and after audit the state comptroller

shall pay the same.

Voluntary disposition of miscellaneous property not otherwise

subject to this chapter. 1. Any person or entity who holds any

intangible personal property, including the proceeds of a sale of

tangible property, which is not otherwise subject to the provisions of

this chapter or any other law regarding the disposition of unclaimed

property belonging to any other person, and which has remained unclaimed

for a period of two years by the person or persons appearing to be

entitled to receive such property, may request in writing, in such form

and manner as the comptroller may by regulation prescribe, that the

comptroller consent to receive payment or delivery of such property.

2. Within thirty days of the receipt of a request pursuant to

subdivision one of this section, the comptroller shall send a written

determination to the person or entity who filed such request which shall

either: (i) consent to the request; (ii) consent to the request subject

to such conditions as he deems necessary and appropriate; or (iii) deny

the request. Any determination by the comptroller denying consent or

placing conditions upon the consent shall specifically state the basis

for such determination and such denial or conditional consent shall be

reviewable in a proceeding pursuant to article seventy-eight of the

civil practice law and rules.

3. Any property reported and paid or delivered to the comptroller

pursuant to this section shall be deemed abandoned property, and any

person or entity paying or delivering such property shall be relieved

and held harmless from any or all liability for any claim or claims

which exist or may exist with respect to such property to the extent

provided in section fourteen hundred four of this chapter.

4. Payment or delivery of property pursuant to this section shall be

accompanied by reports in such form as the comptroller may prescribe.

Unclaimed moneys erroneously collected by utility corporations

on account of taxes. 1. Any amount held or owing by a gas corporation,

an electric corporation, a gas and electric corporation, a district

steam corporation, a telegraph corporation, a telephone corporation, a

telegraph and telephone corporation or a water works corporation which

it has collected within eight years next preceding the effective date of

this section, or which it shall hereafter collect, from a consumer or

subscriber for or on account of any tax or assessment, or any part

thereof, for which the consumer or subscriber was not legally liable,

less lawful deductions, which shall have remained unclaimed by the

person or persons entitled thereto for one year from the date it was so

collected, shall be deemed abandoned property.

2. Any such abandoned property held or owing by such a corporation to

which the right to receive a refund of the same is established to the

satisfaction of such corporation shall cease to be deemed abandoned.

3. On or before the tenth day of October in each year, every such

corporation shall pay to the state comptroller all property which, as of

the first day of July next preceding, was deemed abandoned pursuant to

this section, held or owing by such corporation. Such payment shall be

accompanied by a true and accurate report containing such identifying

information as the state comptroller may require.

Unclaimed amounts or securities held by foreign corporations

not authorized to do business in the state of New York. 1. Any amounts

or securities defined as abandoned property by articles three, four,

five, five-a, seven and sections thirteen hundred one, thirteen hundred

thirteen, thirteen hundred fifteen and thirteen hundred sixteen of this

chapter, unclaimed for the periods of time prescribed in such articles

and sections and held by any corporation, banking organization,

insurance company, broker or dealer, utility, joint stock association,

individual engaged in the conduct of business, association of two or

more individuals, committee, business trust or any other entity, whether

profit or non-for-profit, chartered or organized in another state or

under the laws of another state and not authorized to do business in the

state of New York, which are payable to or receivable by persons whose

last known addresses on the records of such corporations or enumerated

organizations are located within the state of New York shall be deemed

abandoned property.

2. Any such abandoned property held or owing by such a corporations or

organizations to which the right to receive a refund of the same is

established to the satisfaction of such corporations or organizations

shall cease to be deemed abandoned.

3. Such abandoned property shall be paid or delivered to the state

comptroller on the same dates and in the same manner as presently

prescribed for such property by this chapter, except that publication

otherwise required by this chapter shall not be applicable to property

deemed abandoned by virtue of this section.

Unclaimed property held by sales finance companies and

insurance premium finance agencies. 1. When used in this section the

following terms shall have the following meanings:

(a) "Company" shall mean a sales finance company as defined in

subdivision seven of section four hundred ninety-one of the banking law,

but shall not mean a banking institution as defined in section one

hundred three of this chapter.

(b) "Agency" shall mean an insurance premium finance agency as defined

in subdivision seven of section five hundred fifty-four of the banking

law, but shall not mean a banking institution as defined in section one

hundred three of this chapter.

(c) "Amount" shall mean any amount held or owing by a company or

agency which is payable to any person or other entity as a refund or

rebate pursuant to the provisions of articles eleven-b or twelve-b of

the banking law.

2. Any amount held or owing by a company or agency shall be deemed

abandoned property when:

(a) such amount is payable to a person or other entity and,

(b) such amount, on the thirtieth day of June in any year has remained

unpaid to such person or other entity for three years.

3. In the succeeding month of October in each year, and on or before

the tenth day thereof, each company or agency holding amounts deemed

abandoned pursuant to this section shall pay the same to the state

comptroller, excepting such amounts as since the preceding thirtieth day

of June have ceased to be abandoned.

4. Such payment shall be accompanied by a statement setting forth such

information as the state comptroller may require relative to such

amounts.

Unclaimed consumer credit balances. 1. Any amounts

transferable to the New York state department of audit and control

pursuant to section seven hundred fifteen of the general business law,

to be held pursuant to the provisions of the abandoned property law,

shall be transferred to the state comptroller during the first fifteen

days of the month of February immediately succeeding the thirty-first

day of December in the year in which the three year period of retention

prescribed in said section is concluded.

2. Such transfer of moneys shall be accompanied by a written report,

affirmed as true and accurate under penalty of perjury, in such form as

the state comptroller may prescribe.

Miscellaneous unclaimed property. This section shall encompass

the following miscellaneous unclaimed property not otherwise covered by

any other section of law. Such property shall be paid or delivered to

the state comptroller at such times and shall be accompanied by reports

in such form as the state comptroller may prescribe. 1. Any unclaimed

amount representing unredeemed gift certificates sold after December

thirty-first, nineteen hundred eighty-three, including gift certificates

for merchandise only in which case the face value of such certificate

shall be deemed the amount deemed abandoned, and owing in this state, or

held by any corporation (other than a public corporation), joint stock

company, individual, association of two or more individuals, committee

or business trust in this state, and which has remained unclaimed by the

owner of such amount for five years, shall be deemed abandoned property.

1-a. Any amount representing outstanding checks issued on and after

July first, nineteen hundred seventy-four in payment for goods or for

services, and owing in this state, or held by any corporation (other

than a public corporation), joint stock company, individual, association

of two or more individuals, committee or business trust in this state,

and which has remained unclaimed by the owner of such amount for three

years, shall be deemed abandoned property.

1-b. Any unclaimed amount for services not rendered or for goods not

delivered, which amount was received after July first, nineteen hundred

seventy-four, or in the case of a public utility company as that term is

defined in subdivision twenty-three of section two of the public service

law, on or after July first, nineteen hundred eighty which has remained

unclaimed by the owner of such amount for three years, shall be deemed

abandoned property.

2. Except as otherwise provided by law, any amount representing

unclaimed money or securities and held in escrow or otherwise by any

corporation (other than a public corporation), joint stock company,

individual, association of two or more individuals, committee or

business trust, to ensure the performance of any duty or obligation,

shall be deemed abandoned property when:

a. such amount is held or owing in this state, and

b. such amount has remained unclaimed by the person or persons

entitled thereto for three years, except

c. where the duty or obligation for which such amount was deposited

has not been performed and such performance is still required, such

amounts shall not be deemed abandoned property.

3. Any amount representing an unpaid lottery prize determined by the

division of the lottery pursuant to section sixteen hundred fourteen of

the tax law to have been abandoned shall be deemed abandoned property

and shall be paid to the state comptroller.

4. Any amount representing an unpaid check or draft issued by the

state of New York which shall have remained unpaid after one year from

the date of issuance or a debit card issued on behalf of the state of

New York for the purpose of paying a tax refund which shall not have

been activated for one year from the date of issuance in accordance with

section one hundred two of the state finance law shall be deemed

abandoned property and shall be paid to the state comptroller.

Unclaimed insurance proceeds other than life insurance. 1. Any

amount issued and payable on or after July first, nineteen hundred

seventy-four payable to a resident of this state on or because of a

policy of insurance other than life insurance, which is held or owing by

a domestic insurer or a foreign insurer authorized to do business in

this state or by an agent or agency of such insurer, shall be deemed

abandoned property if unclaimed for three years by the person entitled

thereto. Where such amount is held or owing by a domestic insurer for an

unknown person or a person whose address is unknown, such amount is

presumed to be payable to a resident of this state.

2. Every insurer shall cause to be published, on or before the first

day of May in each year, a list of such abandoned property in the same

manner as that prescribed for life insurance companies by section seven

hundred two of this chapter.

3. Such property which was deemed abandoned pursuant to subdivision

one of this section shall be paid or delivered to the comptroller within

the first ten days of September of each year. Such payment shall be

accompanied by a true and accurate report that shall be in such form and

manner as the state comptroller may prescribe.

Unclaimed security deposits held by the title insurance

companies. 1. Any amount held or owing by a domestic or foreign title

insurer or by an agent or representative of such insurer as a security

deposit, relating to the transfer or financing of real property located

in this state, made as an inducement to issue a title insurance policy

shall be deemed abandoned property if unclaimed as of December

thirty-first in any year for three years from the date of deposit,

unless there has been written communication from the depositor or other

person entitled thereto to the insurer to its agent or representative

within said three-year period.

2. Any such property deemed abandoned as of the preceding December

thirty-first shall be paid and delivered to the comptroller within the

first ten days of March in each year, together with a report of said

property, including a listing of depositors and lienholders, in such

form as the comptroller may prescribe.

3. The title insurer or its agent or representative shall retain

records of the names and addresses of the depositors and lienholders,

and any records necessary to show proof of entitlement of such deposits.

4. Notwithstanding any other provision of law to the contrary, the

rights of a depositor to payment from a title insurer or its agent or

representative pursuant to a security deposit agreement and the

obligations of such insurer its agent or representative to fulfill the

requirements specified in any such agreement shall in no way be

affected, impaired or enlarged by reason of the provisions of this

section or by reason of the payment or delivery to the comptroller of

abandoned property hereunder. Claim for reimbursement may be filed with

the comptroller by any title insurer or its agent or representative who

may be required to pay or deliver any abandoned property to the

comptroller pursuant to this section.

5. The comptroller may require proof that the title insurer has made

payment on the underlying claim under the terms of the security deposit

agreement and is entitled to reimbursement therefor and after audit the

comptroller shall pay the same.

6. The comptroller shall not be liable for any action by the

comptroller made in good faith or based upon representations made by a

title insurer pursuant to this section.

Unclaimed spousal and child support. Any amount representing

child support or child and spousal support paid to a support collection

unit established by a social services district which has been delivered

to the state comptroller pursuant to subdivision seven of section one

hundred eleven-h of the social services law shall be deemed abandoned

property. On or before the tenth day of April in each year, such

abandoned property shall be paid to the state comptroller. Such payment

shall be accompanied by a verified written report in such form as the

state comptroller may prescribe.

Unclaimed virtual currency. 1. Any virtual currency held or

owing by any banking organization, corporation or other entity engaged

in virtual currency business activity which shall have remained

unclaimed by the person entitled thereto for a period of five years

shall be deemed abandoned property if:

(a) the last known address of the person entitled to such virtual

currency as shown on the books and records of the entity engaging in the

virtual currency business activity is located in the state; or

(b) the last known address of the person entitled to such virtual

currency is not shown on the books and records of the entity engaging in

the virtual currency business activity and the entity is incorporated in

this state.

2. (a) Any virtual currency held or owing by a banking organization, a

corporation or other entity engaged in virtual currency business deemed

abandoned under this section as of the thirtieth day of the preceding

June shall be paid or delivered to the comptroller on or before the

tenth day of the next succeeding November.

(b) Payment or delivery shall be accompanied by a true and accurate

report setting forth information relating to such abandoned property as

the comptroller may require.

3. Virtual currency reported to the comptroller pursuant to this

section shall be sold on any established exchange, or by such other

means as the comptroller shall deem advisable, as soon as the

comptroller in his or her discretion deems practicable.

4. The proceeds of the sale of virtual currency, less all costs

incurred in connection with such sale, shall be deposited by the

comptroller in the abandoned property fund and any claimant to such

virtual currency shall be entitled only to the proceeds of the sale of

such virtual currency by the comptroller.

Statutes of limitations not a bar. The expiration of any

period of time specified by law, during which an action or proceeding

may be commenced or enforced to secure payment of a claim for money or

recovery of property, shall not prevent any such money or property from

being deemed abandoned property, nor affect any duty to file a report

required by this chapter or to pay or deliver to the state comptroller

any such abandoned property; and shall not serve as a defense in any

action or proceeding by or on behalf of the state comptroller to compel

the filing of any report or the payment or delivery of any abandoned

property required by this chapter or to enforce or collect any penalty

provided by this chapter.

Comptroller to maintain public record. The state comptroller

shall maintain a public record of all names and last known addresses of

the person or persons appearing to be entitled to abandoned property,

heretofore paid to the state or hereafter paid or delivered to the state

comptroller pursuant to this chapter. In addition, the state comptroller

shall maintain a searchable database on the state comptroller's website

in such form and manner as the state comptroller deems reasonable and

appropriate, subject to the requirements set forth in section fourteen

hundred two of this article. The state comptroller shall place a

disclaimer prominently on his or her website advising that this

searchable database does not contain complete information with respect

to abandoned property paid to the state or paid or delivered to the

state comptroller, and provide contact information prominently on the

website to enable interested parties to inquire whether they appear on

an abandoned property listing. Other identifying information set forth

in any report or record made or delivered to the state comptroller shall

be retained by him but shall be considered confidential and may be

disclosed only in the discretion of the state comptroller. The state

comptroller shall not reveal the amount of any abandoned property,

except to a person who has presented satisfactory proof of an interest

in or title to such property.

Publication of abandoned property by state comptroller. 1. (a)

Notwithstanding anything to the contrary set forth in section fourteen

hundred one of this article, the comptroller shall maintain on his or

her website in a readily searchable format, a list of such abandoned

property as has been paid or delivered to the comptroller that has a

value of over twenty dollars, for a period of twelve months prior to

April first, two thousand eleven, and any such abandoned property as has

been paid or delivered to the comptroller thereafter that has a value of

over twenty dollars, provided that when sixty or more months has passed

after such property has been paid or delivered to the comptroller, the

comptroller shall not be required to post such property on his or her

website if he or she does not deem it reasonable and appropriate to do

so.

(b) The provisions of this subdivision shall not apply to abandoned

property paid pursuant to section one thousand three hundred of this

chapter or section four hundred twenty-four of the vehicle and traffic

law.

2. Such list shall be in such form and classified in such manner as

the state comptroller shall determine and shall include:

(a) the names and last known addresses of all persons appearing from

the records in the comptroller's office, as set forth in the report

filed by the holder, to be entitled to receive such abandoned property

exceeding twenty dollars in value; and

(b) such other information as the state comptroller may determine.

3. Such listing shall include a statement that: (a) information about

the property and its return to the owner may be available to a person

having a legal or beneficial interest in the property, upon request to

the comptroller; and

(b) a public record is maintained in the office of the state

comptroller of all abandoned property in accordance with section

fourteen hundred one of this article; and that a claim for any such

abandoned property should be filed with the state comptroller at his or

her office in the city of Albany.

4. Notwithstanding the foregoing provisions of this section, the state

comptroller may omit from such list the name and last known address of

any person where special circumstances make it desirable that such

information be withheld.

Sale of personal property by state comptroller. 1. Except as

provided in subdivision one-a of this section, all abandoned property,

other than money, heretofore paid to the state shall, prior to October

first, nineteen hundred forty-five, be sold by the state comptroller,

and all abandoned property, other than money and securities, delivered

to the state comptroller pursuant to this chapter, shall within fifteen

months after such delivery be sold by him, at public auction to the

highest bidder, except such property as in his opinion is valueless or

of such little value that the cost of sale would exceed the probable

proceeds therefrom. Securities shall be sold by the state comptroller on

any established stock exchange or by such other means as the comptroller

shall deem advisable within fifteen months after their delivery to him

pursuant to this chapter.

1-a. Where securities are delivered to the state comptroller pursuant

to this chapter on or after November first, nineteen hundred ninety-one,

or pursuant to any report of abandoned property which is required to be

made on or after November first, nineteen hundred ninety-one, the

comptroller shall sell such securities on any established stock exchange

or by such other means as the comptroller shall deem advisable as soon

as he may in his discretion deem practicable after their delivery to

him.

2. Except as provided in subdivision two-a of this section, the

proceeds from the sale of any such abandoned property, less all costs

incurred in connection with such sale, shall be deposited by the state

comptroller in the abandoned property fund and any claimant for

abandoned property shall be entitled only to the money so received and

deposited.

2-a. Any rightful owner of securities which are delivered to the

comptroller on or after November first, nineteen hundred ninety-one or

pursuant to any report of abandoned property which is required to be

made on or after November first, nineteen hundred ninety-one shall be

entitled to claim and receive from the comptroller, in accordance with

procedures established by him, such securities and accumulated amounts

or distributions thereon, including amounts or distributions accumulated

after such securities have been delivered to the comptroller, to the

same extent such owner would have been entitled to receive such

securities and amounts or distributions if such securities and amounts

or distributions had not been deemed abandoned pursuant to the

provisions of this chapter. This subdivision may, in the comptroller's

sole discretion, also apply to any rightful owner of securities which

have been delivered to the comptroller prior to November first, nineteen

hundred ninety-one where such securities are delivered pursuant to a

report of abandoned property required prior to November first, nineteen

hundred ninety-one but which have remained unsold by him as of such

date. In the event a claim is made and approved subsequent to the sale

of the securities, the comptroller shall pay the rightful owner the cash

equivalent of such securities as of the date of approval of any such

claim.

3. The state comptroller shall not be liable in any action for any act

of his made in good faith pursuant to this section.

4. Where any security delivered to the state comptroller pursuant to

this chapter or any act relating to the disposition of abandoned

property is delivered by him to the issuing corporation, the security

shall be transferred to him on the books of the corporation and a

certificate registered in the name of the state comptroller shall be

delivered to him or, if so requested by the comptroller, such

corporation shall register such securities in book entry form in the

name of the comptroller. The corporation and its transfer agent,

registrar or other person acting for or on behalf of the corporation in

executing or delivering such certificate or registering such securities

shall be relieved from liability to any person for any losses or damages

resulting from the issuance and delivery to the state comptroller of

such certificate or registration of such securities.

Assumption of liability by the state; return of property

erroneously paid to state comptroller. 1. The care and custody, subject

only to the duty of conversion prescribed in section fourteen hundred

two of this chapter, of all abandoned property heretofore paid to the

state, except

(i) abandoned property in individual amounts of less than one dollar

so paid pursuant to chapter one hundred seven of the laws of nineteen

hundred forty-two; and of all abandoned property paid to the state

comptroller pursuant to this chapter;

(ii) abandoned property so paid pursuant to chapter seven hundred

twenty-seven of the laws of nineteen hundred twenty-six, or as such

chapter was amended by chapter five hundred sixty-nine of the laws of

nineteen hundred twenty-seven, and section sixty of chapter fifty-four

of the laws of nineteen hundred twenty-nine, prior to June first,

nineteen hundred forty-one; is hereby assumed for the benefit of those

entitled to receive the same, and the state shall hold itself

responsible for the payment of all claims established thereto pursuant

to law, less any lawful deductions, which cannot be paid from the

abandoned property fund.

2. Any person, copartnership, unincorporated association or

corporation making a payment of or delivering abandoned property to the

comptroller shall immediately and thereafter be relieved and held

harmless from any or all liability for any claim or claims which exist

at such time with reference to such abandoned property or which may

thereafter be made or may come into existence on account of or in

respect of any such abandoned property.

3. No action shall be maintained against any person, copartnership,

unincorporated association or corporation, or any officer thereof, for

(a) the recovery of abandoned property paid or delivered to the state

comptroller pursuant to this chapter or for interest thereon subsequent

to the date of the report of such abandoned property to the state

comptroller pursuant to this chapter;

(b) the recovery of abandoned property heretofore paid or delivered to

the state or for interest thereon subsequent to the date of such payment

or delivery; or

(c) damages alleged to have resulted from any such payment or

delivery.

4. Whenever it appears to the satisfaction of the state comptroller

that because of some mistake of fact, error in calculation or erroneous

interpretation of a statute, any person has paid or delivered to the

state comptroller, pursuant to any provision of this chapter, any moneys

or other property not required by the provisions of this chapter to be

so paid or delivered, he shall have power, during the six years

immediately succeeding such erroneous payment or delivery, to refund or

redeliver such moneys or other property to such person; provided that

such moneys or property shall not have been paid or delivered to a

claimant or otherwise disposed of in accordance with the provisions of

this article. Moneys or other property deposited with a county treasurer

or the commissioner of finance of the city of New York for the benefit

of an infant pursuant to court order, which are or have been erroneously

paid or delivered to the state comptroller, may be refunded by the state

comptroller at any time. Any such refund hereunder shall be paid from

the abandoned property fund without the deduction of any service charge.

5. Whenever, because of some mistake of fact, error in calculation or

erroneous interpretation of a statute, any person pays or delivers to

the state comptroller any moneys or other property not required by the

provisions of this chapter to be so paid or delivered, such moneys or

other property shall, for the purposes of this article, be deemed to be

abandoned property, unless and until refunded or redelivered by the

state comptroller to the person who paid or delivered the same to him.

Accrual of interest after payment of abandoned property to the

state comptroller. 1. (a) Notwithstanding any other provision of law, no

owner of abandoned property shall be entitled to receive interest on

account of such abandoned property from and after the date a payment of

such abandoned property is hereafter made to the state comptroller

pursuant to this chapter or any law relating to abandoned property,

whether or not he was entitled to interest on such property prior to

such date, except that interest at the overpayment rate set by the

commissioner of taxation and finance pursuant to subsection (j) of

section six hundred ninety-seven of the tax law, less one percentage

point, shall accrue to abandoned property hereafter paid to the state

comptroller under the following provisions of this chapter, for the

first five years such property is held by him:

(i) paragraph (a) of subdivision one of section three hundred of this

chapter; or

(ii) subdivision one of section four hundred of this chapter; or

(iii) paragraph (a) of subdivision one of section six hundred of this

chapter; or

(iv) subdivision one of section ten hundred of this chapter.

(b) No claimant to abandoned property heretofore paid to the state

comptroller shall be entitled to receive interest on account of such

property, whether or not he was entitled to interest on such property

prior to such payment, except that as to abandoned property paid to the

state comptroller pursuant to the provisions of sub-paragraphs (i),

(ii), (iii) and (iv) of subdivision one of this section no earlier than

five years preceding the first day of July, nineteen hundred

seventy-seven, such abandoned property shall accrue simple interest for

that portion of such five year period remaining after the thirtieth day

of June, nineteen hundred seventy-seven.

2. (a) Notwithstanding subdivision one of this section, any property

heretofore or hereafter received by the state comptroller pursuant to

this chapter or any law relating to the disposition of abandoned

property, which is subject to the interest crediting provisions of part

five hundred of foreign assets control regulations, part five hundred

fifteen of Cuban assets control regulations or part five hundred twenty

of foreign funds control regulations of the United States department of

the treasury, shall be credited with interest at a rate not less than

the maximum rate payable on the shortest time deposit available in any

domestic bank in this state.

(b) Interest shall be credited from the effective date of this

subdivision, to abandoned property subject to paragraph (a) of this

subdivision for so long as such property continues to be subject to part

five hundred of foreign assets control regulations, part five hundred

fifteen of Cuban assets control regulations or part five hundred twenty

of foreign funds control regulations of the United States department of

the treasury and is held by the state comptroller.

Claims for abandoned property heretofore or hereafter paid to

the state. 1. (a) Claim may be filed with the state comptroller for any

abandoned property amounting to over three dollars heretofore paid to

the state or hereafter paid or delivered to the state comptroller

pursuant to this chapter, except abandoned property heretofore paid to

the state pursuant to

(i) section nine of chapter six hundred fifty-one of the laws of

eighteen hundred ninety-two, section forty-four of chapter fifty-eight

of the laws of nineteen hundred nine or as such section was amended by

chapter two hundred seventeen of the laws of nineteen hundred

thirty-three and chapter two hundred thirty-one of the laws of nineteen

hundred thirty-eight, and section eighty-four of chapter five hundred

ninety-three of the laws of nineteen hundred forty;

(ii) section two hundred seventy-two of the surrogate's court act;

(iii) chapter eight hundred fifteen of the laws of nineteen hundred

forty-one as amended by chapter seven hundred eighty-eight of the laws

of nineteen hundred forty-two;

(iv) chapter one hundred seven of the laws of nineteen hundred

forty-two, if such abandoned property was less than one dollar in

amount;

(v) chapter seven hundred twenty-seven of the laws of nineteen hundred

twenty-six, or as such chapter was amended by chapter four hundred

fifty-six of the laws of nineteen hundred twenty-seven and section sixty

of chapter fifty-four of the laws of nineteen hundred twenty-nine, if so

paid prior to June first, nineteen hundred forty-one;

(vi) and abandoned property hereafter paid to the state comptroller

pursuant to subdivisions (a) or (b) of section six hundred one or

section twelve hundred twelve of this chapter.

(b) The comptroller shall possess full and complete authority to

determine all such claims and shall forthwith send written notice of

such determination to the claimant. At any time within four months

thereafter, such claimant may apply for a hearing and a redetermination

of his claim. After an appropriate hearing on notice, before the

comptroller or person duly designated by him, the comptroller shall make

and serve his final determination, which alone shall be reviewable by

application to the supreme court, Albany county, within four months

following the notice of such final determination, upon not less than ten

days' notice to the comptroller.

(c) The comptroller, or any person duly designated by him, is

empowered to take testimony and proofs, under oath, upon such hearing,

and shall have power to subpoena and require the attendance of witnesses

and the production of books, papers and documents pertinent to such

hearings.

(d) Whenever it shall be necessary for the state comptroller to

determine the validity of a claim for abandoned property heretofore paid

to the state pursuant to section five of the banking law or hereafter

paid to the state pursuant to section thirteen hundred of this chapter,

he shall forthwith notify the corporation which paid such abandoned

property to the state of such claim. Within thirty days after such

notification such corporation shall send a verified written report to

the state comptroller, containing such information as the state

comptroller may require from its books or records. The state comptroller

shall determine from such report the validity of such claim.

2. (a) Claim in the amount or value of ten thousand dollars or more

for any abandoned property heretofore paid to the state pursuant to

section forty-four of chapter fifty-eight of the laws of nineteen

hundred nine or as such section was amended by chapter two hundred

seventeen of the laws of nineteen hundred thirty-three and chapter two

hundred thirty-one of the laws of nineteen hundred thirty-eight, or

hereafter paid to the state comptroller pursuant to paragraph (a) of

subdivision one of section six hundred of this chapter, may be

established only on order of the court which had original jurisdiction

of the underlying matter, after service of notice upon the state

comptroller and upon due notice to all parties to the action or

proceeding which resulted in the monies being paid into court. Such

court withdrawal action shall be commenced in the court which had

original jurisdiction of the underlying matter using the court index

number of such original action. Notwithstanding any other provision of

law to the contrary, no such withdrawal action shall be brought as a

special proceeding against the state comptroller. Notwithstanding any

other provision of law to the contrary, if an order directing payment by

the state comptroller is made by the court, the claimant or the

claimant's attorney shall serve upon the state comptroller a copy

thereof, duly certified by the clerk of the court to be a true copy of

the original of such order on file in the clerk's office.

(b) Where the value or amount of the claim is less than ten thousand

dollars, payment may be made by the state comptroller on sworn

application of the claimant when the identity of the claimant as the

person entitled to payment is established to the satisfaction of the

state comptroller. When, in the determination of the state comptroller,

there is insufficient information to enable the state comptroller to

make a determination of entitlement, any claim, including a claim the

amount of which is less than ten thousand dollars, must be established

on order of the court as set forth in paragraph (a) of this subdivision.

The decision of the state comptroller that the information is

insufficient shall not be deemed a denial of the claim.

3. Claim for any abandoned property heretofore paid to the state

pursuant to section two thousand two hundred twenty-two of the

surrogate's court procedure act or hereafter paid to the state

comptroller pursuant to paragraph (b) of subdivision one of section six

hundred of this chapter may be established only in accordance with

section two thousand two hundred twenty-two of the surrogate's court

procedure act. Any other provision of law to the contrary

notwithstanding, if an order directing payment by the state comptroller

is made by the court, the claimant or the claimant's attorney shall

serve upon the state comptroller a copy thereof, duly certified by the

clerk of the court to be a true copy of the original of such order on

file in the clerk's office.

4. (a) Claim for any abandoned property heretofore paid to the state

pursuant to chapter eight hundred fifteen of the laws of nineteen

hundred forty-one as amended by chapter seven hundred eighty-eight of

the laws of nineteen hundred forty-two, or hereafter paid to the state

comptroller pursuant to section twelve hundred twelve of this chapter,

may be established only in accordance with this subdivision.

(b) Such claim may be established only by a person, copartnership,

unincorporated association or corporation who shall have had no actual

knowledge of the escheat proceeding and who shall commence a proceeding

in the supreme court within five years after the entry of the final

order of escheat, except that this limitation of time shall be extended

pursuant to the provisions of limitations of time for commencing actions

of the civil practice law and rules.

(c) Such proceeding shall be commenced by a verified petition and

notice of motion, which shall be served upon the comptroller, who shall

have twenty days within which to answer. The petition shall set forth

the true name, residence and business address, if any, of the claimant

and shall also set forth in full detail the basis of the claim and the

claimant's chain of title thereto.

(d) In such proceeding the presumptions set forth in section twelve

hundred one of this chapter shall apply.

(e) If the court, after hearing the testimony, shall find that such

claimant, or his predecessor in interest, would have been entitled to

any part of the escheated fund in the escheat proceeding, it shall enter

a final order directing the comptroller to pay to him from the abandoned

property fund an amount equal to that part of such escheated fund to

which he would have been so entitled, provided such amount shall have

been collected and received by the comptroller, without interest and

costs.

5. (a) Payment made by the comptroller upon presentation of

satisfactory proof of entitlement, on a claim made by either of two

depositors for the proceeds of a joint deposit or share account

originally established pursuant to section six hundred seventy-five of

the banking law, shall be a valid and sufficient release and discharge

to the comptroller for such payment made on account of such deposit or

share prior to the receipt by the comptroller of notice in writing

signed by any one of such depositors, not to pay such deposit or shares

and any additions or accruals thereon. After receipt of such notice, the

comptroller may require the receipt or acquittance of both such

depositors or shareholders for any payment.

(b) Payment by the comptroller on a claim for the proceeds of a

deposit account, including any additions or accruals thereon, originally

established pursuant to section 7-5.2 of the estates, powers and trusts

law or former subdivision two of section one hundred thirty-four of the

banking law, may be made to the beneficiary of such deposit account upon

presentation of satisfactory proof of entitlement. The receipt or

acquittance of such beneficiary shall be a valid and sufficient release

and discharge to the comptroller for the deposit account, or any part

thereof, for such payment prior to the receipt by the comptroller of

notice in writing that there exists a testamentary disposition

sufficient to dispose of such deposit account pursuant to said section

7-5.2 of the estates, powers and trusts law.

6. (a) Notwithstanding any other provision of law, claim for any

abandoned condemnation award heretofore or hereafter paid to the state

comptroller pursuant to sections ten hundred and ten hundred three of

this chapter for the benefit of unknown persons, or for the benefit of

known owners if claim is made by the holder of an equitable lien, may be

established only on order of the court which made the award after

service of notice upon the state comptroller. Any other provision of law

to the contrary notwithstanding, if an order directing payment by the

state comptroller is made by the court, the claimant or the claimant's

attorney shall serve upon the state comptroller a copy thereof, duly

certified by the clerk of the court to be a true copy of the original of

such order on file in the clerk's office.

(b) Notwithstanding any other provision of law, payment for any

abandoned condemnation award heretofore or hereafter paid to the state

comptroller pursuant to sections ten hundred and ten hundred three of

this chapter for the benefit of known persons may be made by the state

comptroller on sworn application, where the name and last known address

of the person or persons entitled to payment and any other identifying

information as appearing on the records of the court into which payment

was made is included in the report required to be filed pursuant to

section ten hundred three of this chapter and when the identity of the

claimant as the person entitled to payment is established to the

satisfaction of the state comptroller. When, in the determination of the

state comptroller, the identifying information included in the report is

insufficient to enable the state comptroller to make a determination of

entitlement, such claim must be established only on order of the court

as set forth in paragraph (a) of this subdivision.

Payment by comptroller. 1. Any claim which is allowed by the

comptroller or ordered to be paid by the comptroller by a court of

competent jurisdiction pursuant to the provisions of section fourteen

hundred six of this article, together with such costs and disbursements

as may be allowed by the court, shall be paid, together with any

interest accrued on such claim pursuant to section fourteen hundred five

of this article, out of the abandoned property fund, except for any

claim relating to a security pursuant to subdivision two-a of section

fourteen hundred three of this article, which shall be paid in

accordance with procedures established by the comptroller, and the

comptroller shall not be liable in any action for any claim including

interest if any, paid by the comptroller in good faith.

2. If during any session of the legislature there are insufficient

moneys in the abandoned property fund to pay all claims, including any

interest accrued thereon, which have been allowed by the state

comptroller or ordered to be paid by the state comptroller by a court of

competent jurisdiction, the state comptroller shall so certify to the

legislature, which shall appropriate from the general fund to the

abandoned property fund an amount sufficient to pay such claims.

3. The state comptroller is hereby authorized to establish an

abandoned property expedited payment program. Under such program, the

comptroller may:

(a) notwithstanding whether a claim is filed pursuant to this chapter,

return any property paid or delivered to the state comptroller under

this chapter, or proceeds from the sale thereof, to an apparent owner

after verification, in a manner and form prescribed by the comptroller,

that the apparent owner is the rightful owner of the property; and

(b) promulgate rules and regulations necessary to administer the

program, including establishing the threshold value of property to be

paid or delivered under the program, provided however:

(i) for the calendar year beginning January first, two thousand

twenty-five, the value of property may not be more than two hundred

fifty dollars; and

(ii) for the calendar year beginning January first, two thousand

twenty-six and thereafter, the value of property to be paid or delivered

under the program shall be determined by the comptroller.

Payment for publication. Any amount paid by a person to a

newspaper or newspapers for any publication of names as required by this

chapter shall be charged pro rata against all abandoned property held or

owing by such person at the time of such publication, except abandoned

property of individual amounts of less than fifty dollars.

Designation of newspapers. Any notice required by this chapter

shall be published in such newspapers as shall be designated by the

state comptroller, except that in no case shall a notice be published in

a newspaper other than one specified in the section requiring such

publication.

Waiver of publication. The state comptroller may waive the

publication of any notice required by this chapter, except a notice

required by section fourteen hundred two, whenever in his opinion the

cost of publishing such notice would be unreasonable in relation to the

amount of abandoned property.

Penalty, interest and special proceedings

1. Any person wilfully failing to make any full and complete report or

to file any affidavit required by this chapter shall forfeit to the

people of the state the sum of one hundred dollars for each day such

report or affidavit shall be wilfully delayed or withheld, except that

the state comptroller may extend the time for making any such report or

filing any such affidavit and may waive the payment of any penalty or

part thereof provided for by this subdivision.

2. In addition to the penalty prescribed in subdivision one of this

section for failure to report, any person failing to pay any sum or to

deliver any property required to be paid or delivered to the state

comptroller by this chapter or any law relating to abandoned property

shall pay to the people of the state interest on the amount or value of

such property. Such interest shall be at the rate of ten per centum per

annum computed for a period to commence upon the date such payment or

delivery was required by this chapter and to terminate upon the date of

full compliance therewith, except that the state comptroller may waive

the payment of all or part of such interest whenever in his opinion the

circumstances warrant such waiver.

3. Upon the failure of any person to fully and completely report and

pay or deliver abandoned property to the comptroller pursuant to this

chapter or any other law relating to abandoned property, the comptroller

shall issue a determination of the amount due and owing him as custodian

of the abandoned property fund. Such determination shall be served by

certified mail upon the person failing to report and pay or deliver and

shall be presumptive evidence of the amount stated therein as due and

owing the comptroller. Such presumption shall apply to that portion of

the stated amount which is alleged to have become payable or deliverable

as abandoned property no longer than five years following the

thirty-first day of December of the year in which such report was

required to be filed. If a full and complete report and payment or

delivery is not made by such person within thirty days following the

receipt of the determination, the comptroller shall convene a hearing,

upon reasonable notice, in order to certify the amount due as abandoned

property. The notice of hearing shall be served by certified mail upon

the person having failed to report and pay or deliver.

4. Where the comptroller, or a person designated by him, after a

hearing certifies the amount due as abandoned property under the

provisions of this chapter or any law relating to abandoned property,

any aggrieved person may institute a special proceeding within ninety

days after notice of said certification under article seventy-eight of

the civil practice law and rules for the purpose of reviewing said

certification. In addition to the foregoing provisions of this section,

the comptroller may institute a special proceeding in the supreme court,

for a judgment directing payment to him of any sum certified to be

payable as abandoned property under this chapter together with interest

as provided in subdivision two of this section and in such proceeding by

the comptroller the certification by him shall be conclusive proof

thereof.

Retention of books and records. 1. Except as provided in

section five hundred thirteen-a of this chapter, every person,

co-partnership, unincorporated association or corporation required to

file a report of abandoned property pursuant to this chapter, shall

retain for a period of five years following the thirty-first day of

December of the year for which such report has been filed, all books,

records and documents necessary to establish the accuracy and

completeness of such report. The books, records and documents to be

retained pursuant to this section shall include but not be limited to

general and subsidiary ledgers; journal entry records; cash receipts and

disbursements journals; cancelled checks; bank reconciliations; trial

balances; financial statements and supporting data; claim and

confirmation letters; charts of accounts; independent auditor reports;

and copies of abandoned property reports. Such books, records and

documents so retained shall be made available to the state comptroller

upon his request in the performance of his duties under this chapter.

2. Every report of abandoned property filed pursuant to this chapter

for which supporting books, records and documents are required to be

retained for five years as provided in subdivision one above, shall be

presumed to be accurate following such five year period unless prior

thereto the comptroller has made a certification or commenced a

proceeding pursuant to subdivision three of section fourteen hundred

twelve of this chapter.

3. Property subject to this chapter which is payable or deliverable to

a payee or owner and which has remained unpaid or undelivered because

such payee or owner is unknown, cannot be located due to the lack of a

valid, present address on the records of the payor or holder, or for

other reasons, shall be recorded by year of receipt on a separate

account identifying the nature and origin of such property, maintained

in the books and records of the payor or holder. Any transfer of such

property from such separate account during the applicable periods of

inactivity specified in this chapter to precede abandonment, shall be

supported by adequate information in the books, records and documents

set forth in subdivision one of this section or in section five hundred

thirteen-a of this chapter, sufficient to establish the accuracy and

propriety of the transfer. Property which remains in such separate

accounts at the expiration of any such period of inactivity shall be

included in abandoned property reports filed with the state comptroller

pursuant to this chapter.

Penalty for fraudulent returns. The making of a willful false

oath in any report required under the provisions of this chapter shall

be perjury and punishable as such according to law.

Comptroller to make regulations. The state comptroller is

hereby authorized to make such rules and regulations as he may deem

necessary to enforce the provisions of this chapter.

Deduction of certain charges. No deduction shall be made for

service, handling or maintenance charges from property subject to the

abandoned property law, by the holder of such property, unless such

deduction is made pursuant to:

(a) the laws of the state of New York including therein the

regulations of the New York state department of financial services; or

(b) a valid contract which provides, specifically, that the deduction

shall not be refundable or otherwise restored to the owner; and such

deduction is made in the normal course of business of the holder.

Restriction on agreement to locate and/or retrieve abandoned

property. 1. For the purposes of this section, "abandoned property

location services" shall include any service for a fee providing

assistance to consumers for the purposes of locating and/or retrieving

property held by the comptroller pursuant to this chapter.

2. This section shall apply to any person, corporation, association,

partnership or other entity which sells or offers to sell abandoned

property location services for abandoned property delivered to the state

and held by the state comptroller; provided, however, that this section

shall not apply to a client's agreement with an attorney or accountant

where:

(a) the services in question can only be performed by an attorney or

accountant; or

(b) there is a pre-existing relationship between the attorney or

accountant and the client; or

(c) the agreement results from an effort initiated by the client to

engage the attorney or accountant.

3. No agreement for abandoned property location services pursuant to

this chapter shall be valid unless such agreement:

(a) is:

(i) in such form as may be prescribed by the comptroller;

(ii) in writing;

(iii) signed by the property owner; and

(iv) witnessed and acknowledged by a notary public;

(b) discloses the nature of the property;

(c) discloses the name and address of the comptroller; and

(d) discloses, in a clear and conspicuous manner, and in at least

twelve-point boldface type:

"Abandoned funds held by the State can be obtained directly from the

Office of the State Comptroller by the owner of such funds without

paying a fee. These funds are held indefinitely by the Office of the

State Comptroller. For more information, contact the Office of the State

Comptroller at (insert the current telephone number established by the

Office of the State Comptroller for receiving inquiries from consumers

regarding unclaimed funds) or (insert the current address of the website

of the Office of the State Comptroller)".

4. 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.

5. Nothing in this section shall be construed to prevent an owner from

asserting, at any time, that any agreement for abandoned property

location services is based on an excessive or unjust consideration.

Agreements with other states. 1. The state comptroller is

authorized to enter into reciprocal agreements with appropriate officers

or agencies of other states to effectuate the purposes of this chapter.

2. Reciprocal agreements entered into pursuant to this section may

include within their terms:

(a) agreement to receive and distribute abandoned property between

agreeing states, in accordance with existing law, and the manner of such

distribution;

(b) agreements for cooperation between agreeing states, including the

exchange of information and data and use of personnel, in performing

audits and other functions relating to securing compliance with this

chapter and the applicable statutes of the agreeing states by holders of

unclaimed property.

3. (a) For purposes of this section the term "states" shall mean those

states, the district of Columbia and the commonwealth of Puerto Rico,

which have enacted laws relating to the disposition of unclaimed

property and such laws require that the property be held thereby in

custody subject to claim by the person or persons entitled thereto at

any time.

(b) For purposes of this section the phrase "existing law" shall

include within its meaning decisions of the supreme court of the United

States.

4. No reciprocal agreement made pursuant to the provisions of this

section shall become effective until approved as to form by the attorney

general (of each agreeing state).

Property for New York residents held by other states. 1. All

property heretofore or hereafter reported and paid to any other state

pursuant to the provisions of such other state's unclaimed property laws

shall be deemed abandoned property subject to the provisions of this

chapter if the last known address of the apparent owner of such

property, as it appears on the books and records of such other state, is

within this state.

2. The state comptroller, as custodian of unclaimed funds, is hereby

authorized to claim such funds from any other state on behalf of the

apparent owners of such funds whose last known address is within this

state, or may enter into a reciprocal agreement with another state

pursuant to section fourteen hundred seventeen of this article for the

payment of such funds to this state.

3. The attorney general shall be authorized to maintain an action in

any court of appropriate jurisdiction to enforce the provisions of this

section if so requested by the state comptroller.

Reporting of abandoned property in the aggregate.

Notwithstanding any provision of this chapter to the contrary, the

holder of property which must be reported and delivered to the state

comptroller as abandoned property need not specify the name, address or

other information identifying the owner of any such property amounting

to twenty dollars or less in the report provided to the state

comptroller when such property is delivered to the state comptroller,

and shall instead report abandoned property in amounts of twenty dollars

or less in the aggregate; provided, however, that the foregoing

provision shall not be construed to relieve any holder of abandoned

property from its responsibility to deliver all abandoned property, in

any amount, to the state comptroller.

Property held by agricultural cooperative corporations. 1.

For the purposes of this section, "agricultural cooperative corporation"

shall include any corporation organized or qualified to do business in

this state pursuant to the cooperative corporations law, which is

operated primarily for the benefit of producers of agricultural

products, as such term is defined in subdivision (a) of section three of

the cooperative corporations law. Notwithstanding any other provision

of this chapter to the contrary, any share of stock, credit, dividend,

profit, patronage refund, distribution, interest, equity certificate,

equity retain, payment, or other money or property which:

(a) is in the possession of an agricultural cooperative corporation

organized or qualified to do business in this state pursuant to the

cooperative corporations law;

(b) evidences membership in or resulted from patronage with an

agricultural cooperative corporation or the predecessor of such

corporation; and

(c) is held for, allocated to the account of, allocated in the name of

or owing by the agricultural cooperative corporation to a member,

stockholder, patron or other person; shall not be deemed abandoned

property or otherwise subject to the provisions of this chapter.

Property held by rural electric cooperatives. 1. For the

purposes of this section, "rural electric cooperatives" shall include

any corporation organized or qualified to do business in this state

pursuant to the rural electric cooperative law.

2. Notwithstanding any other provision of this chapter to the

contrary, any share of stock, credit, dividend, profit, patronage

refund, distribution, interest, equity certificate, equity retain,

payment, or other money or property which:

(a) is in the possession of a rural electric cooperative organized or

qualified to do business in this state pursuant to the rural electric

cooperative law; or

(b) evidences membership in or resulted from patronage with a rural

electric cooperative or the predecessor of such cooperative; or

(c) is held for, allocated to the account of, allocated in the name of

or owing by a rural electric cooperative to a member, stockholder,

patron or other person; shall not be deemed abandoned property or

otherwise subject to the provisions of this chapter.

Mailing of notice to owners of record. 1. Any holder of

unclaimed funds which is not otherwise required to perform owner

notification mailings under the provisions of this chapter shall send,

not less than ninety days prior to the applicable reporting date for

such unclaimed property, a written notice by first-class mail to each

person appearing to be the owner of property listed in a report of

abandoned property required to be filed under the provisions of this

chapter, at the address of the owner as it appears on the books and

records of the holder; provided, however, that the foregoing

requirements shall not apply where (a) the holder does not have an

address for the owner; or (b) the holder can demonstrate that the only

address that the holder has pertaining to the owner is not the current

address of the owner.

2. Where notice is required by subdivision one of this section, each

holder shall, with respect to property listed in such report whose value

is in excess of one thousand dollars, send a second written notice to

the owner by certified mail, return receipt requested not less than

sixty days prior to the applicable reporting date for such unclaimed

property, provided that no notice pursuant to this subdivision shall be

required where: (a) such holder has received a claim from the owner of

the property; or (b) the original mailing was returned as undeliverable.

3. The written notice required by this section shall advise the owner

that the property to which the owner appears to be entitled will be

reported as abandoned property and will be remitted to the state

comptroller unless such property is claimed by an entitled party before

the required remittance date.

4. The failure of any holder of abandoned property to comply with the

requirements of this section shall not in any way affect the reporting

of abandoned property pursuant to the provisions of this chapter.

5. Costs paid to the postal authorities by holders of unclaimed

property to provide such written notice by certified mail, return

receipt requested, may be deducted from the property as a service

charge.

Laws repealed. Of the laws enumerated in the schedule annexed

to this chapter, that portion specified in the last column is hereby

repealed.

Constitutionality. If any part, provision or section of this

chapter, or the application of any such part, provision or section in

any particular respect, shall be adjudged by any court of competent

jurisdiction to be unconstitutional or ineffective in whole or in part,

such judgment shall be confined in its operation to the particular

provision or section or application directly involved in the controversy

in which such judgment shall have been rendered and shall not affect,

impair or invalidate the remainder of such provisions or sections or

their application in other respects; and to the extent that such

provisions or sections are not unconstitutional or ineffective, they

shall remain in full force and effect.

Effective date. This chapter shall take effect June first,

nineteen hundred forty-four.