N.Y. Abandoned Property Law § 103: Definitions

§ 103. 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.