N.Y. Abandoned Property Law § 500: Definitions

§ 500. Definitions. When used in this article, the following terms

shall have the following meanings:

1. (a) "Corporation" shall mean any corporation (other than a public

corporation as defined in paragraph (b) of this subdivision), joint

stock company, association of two or more individuals, committee,

partnership, investment company (as defined by, and which is registered

under, an act of Congress of the United States entitled the "Investment

Company Act of 1940", as amended), unit investment trust or business

trust, whether or not for profit.

(b) "Public corporation" shall mean any state and a public corporation

as defined in section sixty-six of the general construction law, but

shall not mean an agency or political subdivision of the United States

or of a foreign nation.

2. "Security" shall mean:

(a) Any instrument issued by a corporation or public corporation or

any entry on the books and records of such corporation or public

corporation evidencing an obligation to make any payment of the

principal amount of a debt or of any increment due or to become due

thereon; or

(b) Any instrument issued by a corporation to evidence a proprietary

interest therein or any intangible interest in a corporation as

evidenced by the books and records of the corporation except:

(i) A policy of insurance issued by a mutual insurance corporation, or

(ii) A share issued by a savings and loan association, a building and

loan association, or a credit union.

For the purposes of this article, an industrial development bond or an

industrial revenue bond shall be deemed a security issued by a public

corporation.

3. "Domestic corporation" shall mean any corporation organized under

the laws of this state or under the laws of this state and one or more

other states or foreign countries, but shall not mean a banking

organization as defined in this chapter.

4. "Foreign corporation" shall mean any corporation organized under

the laws of a state other than New York or under the laws of a foreign

country and doing business in this state or authorized to do business in

this state, but shall not mean a banking organization as defined in this

chapter. "Non-authorized foreign corporation" shall mean any

corporation organized under the laws of a state other than New York

which is neither doing business nor authorized to do business in this

state.

5. "Fiduciary" shall mean any individual or any domestic or foreign

corporation holding a security for a resident or receiving, as agent of

a corporation or as holder of a security, any amount due or to become

due a resident as the holder or owner of a security but shall not mean

any individual or corporation so acting by direction of a court in any

case where such court has not directed a distribution of such amount or

security.

6. "Resident" shall mean:

(a) An individual domiciled in this state;

(b) A domestic corporation;

(c) A banking organization, as defined in section one hundred three of

this chapter; and

(d) This state and any public corporation organized under its laws.

7. (a) "Amount" shall include, but is not limited to, any dividend,

profit or other distribution, whether in cash or securities, and any

interest or other payment on or of principal, including the cash value

of any security which has matured or has been called for full or partial

redemption or is payable to security owners or former security owners

entitled to payments as the result of a merger, consolidation,

acquisition or conversion of any type.

(b) An amount is deemed to be "distributable" or "payable" for the

purposes of this article notwithstanding any requirement that a security

or other instrument must be presented, exchanged or surrendered, or that

an owner must affirmatively make any claim for payment, before actual

payment of such amount may be effected.

8. "Wages" shall include moneys payable, under contract or otherwise,

for services rendered to a domestic or foreign corporation or fiduciary,

including but not limited to payment of salaries, commissions,

royalties, expenses, employee benefits, and insurance benefits payable

by a corporation pursuant to a self-insurance plan, less lawful

deductions.