N.Y. Abandoned Property Law § 1415: Deduction of certain charges

§ 1415. 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.