N.Y. Abandoned Property Law § 501: Unclaimed property; when deemed abandoned

§ 501. Unclaimed property; when deemed abandoned. 1. (a) Any amount

which, on or after January first, nineteen hundred forty-seven, shall

have become payable or distributable by a domestic, foreign or public

corporation or by a fiduciary to a resident as the owner or former owner

of a security as defined in paragraph (a) of subdivision two of section

five hundred of this article, shall be deemed abandoned when the

security with respect to which such amount is payable or distributable

has been deemed abandoned, or when such amount:

(i) is payable or distributable to such resident as the owner or

former owner of such security; and

(ii) has, on the thirty-first day of December in any year, remained

unpaid to or unclaimed by such resident for a period of three years. For

the purposes of this article, a security as defined in paragraph (a) of

subdivision two of section five hundred of this article shall not be

deemed abandoned until a period of three years has elapsed from the

earlier of the maturity date of such security or the date such security

has been called for redemption.

(b) Any amount which, on or after January first, nineteen hundred

forty-seven shall have become payable or distributable by a domestic or

foreign corporation or a fiduciary to a resident as the owner or former

owner of a security as defined in paragraph (b) of subdivision two of

section five hundred of this article, shall be deemed abandoned when the

security with respect to which such amount is payable or distributable

has been deemed abandoned or when such amount:

(i) is payable or distributable to such resident as the owner or

former owner of such security; and

(ii) has, on the thirty-first day of December in any year, remained

unpaid to or unclaimed by such resident for a period of three years.

2. (a) Except as provided in paragraph (b) of this subdivision, any

security, as defined in paragraph (b) of subdivision two of section five

hundred of this article, of any domestic corporation or foreign

corporation owned by or formerly owned by a resident shall be deemed

abandoned where, for three successive years:

(i) all amounts, if any, payable or distributable thereon or with

respect thereto have remained unpaid to or unclaimed by such resident,

and

(ii) no written communication has been received from such resident by

the holder.

(b) (i) Any security, as defined in paragraph (b) of subdivision two

of section five hundred of this article, of any domestic or foreign

corporation in which a resident has an ownership interest and which is

enrolled in a plan that provides for the automatic reinvestment of

dividends, distributions, or other sums payable as the result of such

interest shall be deemed abandoned when any security owned by such

resident which is not enrolled in the plan has been deemed abandoned

pursuant to paragraph (a) of this subdivision or when, for three

successive years:

(1) all amounts, if any, payable thereon or with respect thereto have

remained unpaid to or unclaimed by such resident, and

(2) no written communication has been received from such resident by

the holder, and

(3) the holder does not know the location of such resident at the end

of such three year period.

(ii) For purposes of this paragraph, the reinvestment of any dividend,

distribution or other sum payable shall not be considered as payment of

an amount for the purpose of extending the statutory period of

inactivity after the expiration of which securities enrolled in a

reinvestment plan are deemed abandoned.

(iii) Any corporation or fiduciary holding or evidencing on its books

and records securities enrolled in a reinvestment plan shall notify the

apparent owner by certified mail that such securities will be delivered

to the state comptroller as abandoned property, pursuant to the

provisions of section five hundred two of this article, unless such

corporation or fiduciary receives written communication from the

apparent owner of such securities indicating knowledge of such

securities prior to the date that such securities are required to be

delivered to the state comptroller. Such letter by certified mail shall

be sent during the calendar year prior to the year in which such

property would be required to be delivered to the state comptroller, but

no later than the thirty-first day of December of such year. For

purposes of this subdivision, a signed return receipt shall constitute

written communication received by the holder from the apparent owner.

(iv) All corporations or fiduciaries holding or evidencing on its

books and records securities enrolled in a reinvestment plan shall

retain, for a period of five years following the thirty-first day of

December of the year for which a report of abandoned property has been

filed, a list of (1) the dates and nature of any and all corporate

notices which have been sent via first class mail to owners of such

securities during the period to which such report relates, and (2) the

names and addresses of all owners of such securities for whom postal

authorities have returned any first class mail sent by the holder during

the period to which such report relates, and the dates on which such

mail was returned for each such owner. Nothing contained herein or in

any other provision of this chapter shall preclude the state

comptroller, in the performance of his duties under this chapter, from

verifying that all such notices have been sent and whether or not such

notices have been returned to the holder by the postal authorities.

2-a. Notwithstanding any other law to the contrary, any amount,

security or other distribution payable or distributable to a resident as

the result of a demutualization or similar reorganization of an

insurance company shall be deemed abandoned where, for two successive

years:

(a) all amounts, securities or other distributions have remained

unpaid to or unclaimed by such resident, and

(b) no written communication from such resident has been received by

the holder.

3. Any wages payable on or after July first, nineteen hundred

sixty-three by a domestic or foreign corporation and held for a resident

by such issuing corporation or held and payable by a fiduciary other

than a broker or dealer as defined in section five hundred ten of this

chapter for a resident shall be deemed to be abandoned property, where

for three successive years:

(a) All such wages have remained unpaid to such resident, and

(b) No written communication has been received from such resident by

the holder, and

(c) Notice regarding such wages has been sent by the corporation or

fiduciary, via first class mail, to such resident at his last known

address and such notice has been returned to the corporation or

fiduciary by the postal authorities for inability to locate such

resident.

4. For the purposes of this section the holder or owner of a security

or payee of an amount or a payee of wages shall be deemed to be a

resident when the records of the corporation or fiduciary indicate that

the last known address of such holder, owner or payee is located within

this state or, if the security was issued or the amount or wages were

payable by a domestic corporation or a public corporation organized

under the laws of this state, when such records do not indicate a last

known address outside this state or when the address of such holder,

owner or payee is unknown to such corporation or public corporation or

fiduciary; or when the address of such holder, owner or payee is in a

state not having a law relating to the disposition of abandoned

property; or when the address of such holder, owner or payee is in a

foreign country.

5. Any amount, wages or security with respect to which such domestic

or foreign corporation or public corporation or fiduciary has on file

written evidence received within the period specified for determining

abandonment of such property that the person entitled to such amount or

wages or for whom such security is held had knowledge thereof shall not

be deemed abandoned property.