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501 - Unclaimed property; when deemed abandoned.

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§501.Unclaimedproperty; when deemed abandoned. 1. (a) Any amountwhich, on or after January first, nineteenhundredforty-seven,shallhavebecomepayableor distributable by a domestic, foreign or publiccorporation or by a fiduciary to a resident as the owner or former ownerof a security as defined in paragraph (a) of subdivision two ofsectionfivehundredofthisarticle,shallbedeemedabandoned when thesecurity with respect to which such amount is payableordistributablehas been deemed abandoned, or when such amount:(i)ispayableordistributabletosuch resident as the owner orformer owner of such security; and(ii) has, on the thirty-first day of December inanyyear,remainedunpaid to or unclaimed by such resident for a period of three years. Forthepurposes of this article, a security as defined in paragraph (a) ofsubdivision two of section five hundred of thisarticleshallnotbedeemedabandoneduntilaperiodof three years has elapsed from theearlier of the maturity date of such security or the date suchsecurityhas been called for redemption.(b)Anyamountwhich,onor after January first, nineteen hundredforty-seven shall have become payable or distributable by a domesticorforeigncorporation or a fiduciary to a resident as the owner or formerowner of a security as defined in paragraph (b) ofsubdivisiontwoofsection five hundred of this article, shall be deemed abandoned when thesecuritywithrespect to which such amount is payable or distributablehas been deemed abandoned or when such amount:(i) is payable or distributable tosuchresidentastheownerorformer owner of such security; and(ii)has,onthe thirty-first day of December in any year, remainedunpaid to or unclaimed by such resident for a period of three years.2. (a) Except as provided in paragraph (b) ofthissubdivision,anysecurity, as defined in paragraph (b) of subdivision two of section fivehundredofthisarticle,ofanydomesticcorporationorforeigncorporation owned by or formerly owned by aresidentshallbedeemedabandoned where, for three successive years:(i)allamounts,ifany,payable or distributable thereon or withrespect thereto have remained unpaid to or unclaimed bysuchresident,and(ii)no written communication has been received from such resident bythe holder.(b) (i) Any security, as defined in paragraph (b) ofsubdivisiontwoofsectionfivehundredofthis article, of any domestic or foreigncorporation in which a resident has an ownership interest andwhichisenrolledinaplanthatprovidesfor the automatic reinvestment ofdividends, distributions, or other sums payable as theresultofsuchinterestshallbedeemedabandonedwhenany security owned by suchresident which is not enrolled in the planhasbeendeemedabandonedpursuanttoparagraph(a)ofthissubdivisionorwhen, for threesuccessive years:(1) all amounts, if any, payable thereon or with respect theretohaveremained unpaid to or unclaimed by such resident, and(2)nowritten communication has been received from such resident bythe holder, and(3) the holder does not know the location of such resident at theendof such three year period.(ii) For purposes of this paragraph, the reinvestment of any dividend,distributionor other sum payable shall not be considered as payment ofanamountforthepurposeofextendingthestatutoryperiodofinactivityaftertheexpirationofwhichsecuritiesenrolled in areinvestment plan are deemed abandoned.(iii) Any corporation or fiduciary holding or evidencing on itsbooksandrecords securities enrolled in a reinvestment plan shall notify theapparent owner by certified mail that such securities will bedeliveredtothestatecomptrollerasabandonedproperty,pursuanttotheprovisionsofsectionfivehundredtwo of this article, unless suchcorporationorfiduciaryreceiveswrittencommunicationfrom theapparent owner ofsuchsecuritiesindicatingknowledgeofsuchsecurities prior to the date that such securitiesarerequiredtobedeliveredto the state comptroller. Such letter by certified mail shallbe sent during the calendaryearpriortotheyearinwhichsuchproperty would be required to be delivered to the state comptroller, butnolaterthanthethirty-firstdayofDecemberof such year. Forpurposes of this subdivision, a signed return receiptshallconstitutewritten communication received by the holder from the apparent owner.(iv)Allcorporationsorfiduciariesholding or evidencing on itsbooks and records securitiesenrolledinareinvestmentplanshallretain,foraperiodof five years following the thirty-first day ofDecember of the year for which a report of abandoned propertyhasbeenfiled,alistof(1)thedates and nature of any and all corporatenotices which have been sent via first classmailtoownersofsuchsecuritiesduringthe period to which such report relates, and (2) thenames and addresses of all owners of suchsecuritiesforwhompostalauthorities have returned any first class mail sent by the holder duringtheperiodtowhichsuch report relates, and the dates on which suchmail was returned for each such owner. Nothing containedhereinorinany other provision ofthischaptershallprecludethestatecomptroller, in the performance of his duties under thischapter,fromverifyingthatall such notices have been sent and whether or not suchnotices have been returned to the holder by the postal authorities.2-a. Notwithstanding anyotherlawtothecontrary,anyamount,security or other distribution payable or distributable to a resident astheresultofademutualizationorsimilarreorganizationofaninsurance company shall be deemed abandoned where,fortwosuccessiveyears:(a)allamounts,securitiesorotherdistributions have remainedunpaid to or unclaimed by such resident, and(b) no written communication from such resident has beenreceivedbythe holder.3.AnywagespayableonorafterJulyfirst,nineteen hundredsixty-three by a domestic or foreign corporation and held for a residentby such issuing corporation or held and payablebyafiduciaryotherthanabroker or dealer as defined in section five hundred ten of thischapter for a resident shall be deemed to be abandonedproperty,wherefor three successive years:(a) All such wages have remained unpaid to such resident, and(b)Nowritten communication has been received from such resident bythe holder, and(c) Notice regarding such wages has been sent bythecorporationorfiduciary,viafirstclassmail,to such resident at his last knownaddress andsuchnoticehasbeenreturnedtothecorporationorfiduciarybythepostalauthoritiesforinabilitytolocate suchresident.4. For the purposes of this section the holder or owner of asecurityorpayeeofanamountorapayee of wages shall be deemed to be aresident when the records of the corporation or fiduciary indicatethatthelast known address of such holder, owner or payee is located withinthis state or, if the security was issued or the amountorwageswerepayablebyadomesticcorporationor a public corporation organizedunder the laws of this state, when such records do not indicatealastknownaddressoutsidethisstate or when the address of such holder,owner or payee is unknown to such corporation or publiccorporationorfiduciary;orwhenthe address of such holder, owner or payee is in astate nothavingalawrelatingtothedispositionofabandonedproperty;orwhentheaddress of such holder, owner or payee is in aforeign country.5. Any amount, wages or security with respect to whichsuchdomesticorforeigncorporationor public corporation or fiduciary has on filewritten evidence received within the periodspecifiedfordeterminingabandonmentof such property that the person entitled to such amount orwages or for whom such security is held had knowledge thereof shallnotbe deemed abandoned property.
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  • § 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 organizedunder 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.

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