N.Y. Abandoned Property Law § 1309: Uncashed travelers checks and money orders

§ 1309. 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.