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State Codes and Statutes

Statutes > New-york > Abp > Article-5 > 501

§  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.