N.Y. Abandoned Property Law § 1422: Mailing of notice to owners of record

§ 1422. 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.