N.Y. Abandoned Property Law § 1412-a: Retention of books and records

§ 1412-a. 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.