State Codes and Statutes

Statutes > New-york > Abp > Article-13 > 1317

§  1317.  Unclaimed  security  deposits  held  by  the title insurance  companies. 1. Any amount held or owing by a domestic  or  foreign  title  insurer  or  by an agent or representative of such insurer as a security  deposit, relating to the transfer or financing of real property  located  in  this  state, made as an inducement to issue a title insurance policy  shall  be  deemed  abandoned  property  if  unclaimed  as  of   December  thirty-first  in  any  year  for  three  years from the date of deposit,  unless there has been written communication from the depositor or  other  person  entitled  thereto  to the insurer to its agent or representative  within said three-year period.    2. Any such property deemed abandoned as  of  the  preceding  December  thirty-first  shall  be paid and delivered to the comptroller within the  first ten days of March in each year, together with  a  report  of  said  property,  including  a  listing  of depositors and lienholders, in such  form as the comptroller may prescribe.    3. The title insurer or  its  agent  or  representative  shall  retain  records  of  the  names and addresses of the depositors and lienholders,  and any records necessary to show proof of entitlement of such deposits.    4. Notwithstanding any other provision of law  to  the  contrary,  the  rights  of  a  depositor to payment from a title insurer or its agent or  representative  pursuant  to  a  security  deposit  agreement  and   the  obligations  of  such insurer its agent or representative to fulfill the  requirements specified  in  any  such  agreement  shall  in  no  way  be  affected,  impaired  or  enlarged  by  reason  of the provisions of this  section or by reason of the payment or delivery to  the  comptroller  of  abandoned  property hereunder. Claim for reimbursement may be filed with  the comptroller by any title insurer or its agent or representative  who  may  be  required  to  pay  or  deliver  any  abandoned  property to the  comptroller pursuant to this section.    5. The comptroller may require proof that the title insurer  has  made  payment  on the underlying claim under the terms of the security deposit  agreement and is entitled to reimbursement therefor and after audit  the  comptroller shall pay the same.    6.  The  comptroller  shall  not  be  liable  for  any  action  by the  comptroller made in good faith or based upon representations made  by  a  title insurer pursuant to this section.

State Codes and Statutes

Statutes > New-york > Abp > Article-13 > 1317

§  1317.  Unclaimed  security  deposits  held  by  the title insurance  companies. 1. Any amount held or owing by a domestic  or  foreign  title  insurer  or  by an agent or representative of such insurer as a security  deposit, relating to the transfer or financing of real property  located  in  this  state, made as an inducement to issue a title insurance policy  shall  be  deemed  abandoned  property  if  unclaimed  as  of   December  thirty-first  in  any  year  for  three  years from the date of deposit,  unless there has been written communication from the depositor or  other  person  entitled  thereto  to the insurer to its agent or representative  within said three-year period.    2. Any such property deemed abandoned as  of  the  preceding  December  thirty-first  shall  be paid and delivered to the comptroller within the  first ten days of March in each year, together with  a  report  of  said  property,  including  a  listing  of depositors and lienholders, in such  form as the comptroller may prescribe.    3. The title insurer or  its  agent  or  representative  shall  retain  records  of  the  names and addresses of the depositors and lienholders,  and any records necessary to show proof of entitlement of such deposits.    4. Notwithstanding any other provision of law  to  the  contrary,  the  rights  of  a  depositor to payment from a title insurer or its agent or  representative  pursuant  to  a  security  deposit  agreement  and   the  obligations  of  such insurer its agent or representative to fulfill the  requirements specified  in  any  such  agreement  shall  in  no  way  be  affected,  impaired  or  enlarged  by  reason  of the provisions of this  section or by reason of the payment or delivery to  the  comptroller  of  abandoned  property hereunder. Claim for reimbursement may be filed with  the comptroller by any title insurer or its agent or representative  who  may  be  required  to  pay  or  deliver  any  abandoned  property to the  comptroller pursuant to this section.    5. The comptroller may require proof that the title insurer  has  made  payment  on the underlying claim under the terms of the security deposit  agreement and is entitled to reimbursement therefor and after audit  the  comptroller shall pay the same.    6.  The  comptroller  shall  not  be  liable  for  any  action  by the  comptroller made in good faith or based upon representations made  by  a  title insurer pursuant to this section.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Abp > Article-13 > 1317

§  1317.  Unclaimed  security  deposits  held  by  the title insurance  companies. 1. Any amount held or owing by a domestic  or  foreign  title  insurer  or  by an agent or representative of such insurer as a security  deposit, relating to the transfer or financing of real property  located  in  this  state, made as an inducement to issue a title insurance policy  shall  be  deemed  abandoned  property  if  unclaimed  as  of   December  thirty-first  in  any  year  for  three  years from the date of deposit,  unless there has been written communication from the depositor or  other  person  entitled  thereto  to the insurer to its agent or representative  within said three-year period.    2. Any such property deemed abandoned as  of  the  preceding  December  thirty-first  shall  be paid and delivered to the comptroller within the  first ten days of March in each year, together with  a  report  of  said  property,  including  a  listing  of depositors and lienholders, in such  form as the comptroller may prescribe.    3. The title insurer or  its  agent  or  representative  shall  retain  records  of  the  names and addresses of the depositors and lienholders,  and any records necessary to show proof of entitlement of such deposits.    4. Notwithstanding any other provision of law  to  the  contrary,  the  rights  of  a  depositor to payment from a title insurer or its agent or  representative  pursuant  to  a  security  deposit  agreement  and   the  obligations  of  such insurer its agent or representative to fulfill the  requirements specified  in  any  such  agreement  shall  in  no  way  be  affected,  impaired  or  enlarged  by  reason  of the provisions of this  section or by reason of the payment or delivery to  the  comptroller  of  abandoned  property hereunder. Claim for reimbursement may be filed with  the comptroller by any title insurer or its agent or representative  who  may  be  required  to  pay  or  deliver  any  abandoned  property to the  comptroller pursuant to this section.    5. The comptroller may require proof that the title insurer  has  made  payment  on the underlying claim under the terms of the security deposit  agreement and is entitled to reimbursement therefor and after audit  the  comptroller shall pay the same.    6.  The  comptroller  shall  not  be  liable  for  any  action  by the  comptroller made in good faith or based upon representations made  by  a  title insurer pursuant to this section.

Categories