N.Y. ABP Law § 1309 — New York Code / Act ABP / Article 13 / Section 1309
Uncashed travelers checks and money orders
Status: in_force

§ 1309. Uncashed travelers checks and money orders.  1. Any amount\nheld or owing by any organization other than a banking organization for\nthe payment of a travelers check on which such organization is directly\nliable, sold by such organization on or after January first, nineteen\nhundred thirty, shall be deemed abandoned property if such amount is\nheld or owing for payment of a travelers check which shall have been\noutstanding for more than fifteen years from the date of its sale and\n  (a) the last known address of the person entitled to such amount as\nshown on the books and records of such organization is located within\nthis state, or\n  (b) such organization is incorporated in this state and such last\nknown address is not shown on the books and records of such organization\nand the books and records of such organization do not disclose the place\nof sale of the travelers check, or\n  (c) such organization is incorporated in this state and such last\nknown address or place of sale is located in a state the laws of which\ndo not provide for the escheat or custodial taking of such amount, or\n  (d) such organization is incorporated in this state or in another\nstate or foreign country and such last known address is not shown on the\nbooks and records of such organization and such books and records\ndisclose that the place of sale of the travelers check was in this\nstate.\n  Payment to the state comptroller pursuant to paragraph (b) of this\nsubdivision shall be subject to the right of any other state, the laws\nof which provide for escheat or custodial taking of such amount, to\nrecover such amount upon proof that the last known address of the person\nentitled thereto or place of sale of the travelers check was within that\nother state's borders.\n  Payment to the state comptroller pursuant to paragraph (c) of this\nsubdivision shall be subject to the right of the state of last known\naddress to recover such amount if and when the law of the state of such\nlast known address makes provision for escheat or custodial taking of\nsuch amount.\n  2. Any amount held or owing by any such organization for the payment\nof a money order, or for the payment of any instrument drawn or issued\nto effect the payment therefor, sold by such organization on or after\nJanuary first, nineteen hundred thirty shall be deemed abandoned\nproperty when such amount has remained unpaid to the person entitled\nthereto for five years and\n  (a) the last known address of such entitled person, according to the\nrecords of such organization is located within this state, or\n  (b) such organization is incorporated in this state and such last\nknown address cannot be obtained from the records of such organization\nand the records of such organization do not disclose the place of sale\nof the money order or instrument, or\n  (c) such organization is incorporated in this state and such last\nknown address is located in a state not having in effect a statute under\nwhich such amount is payable to such state as unclaimed, abandoned or\nescheated property, or\n  (d) such organization is incorporated in this state or another state\nor foreign country and such last known address is not shown on the\nrecords of such organization and such records disclosed that the place\nof sale of the money order or instrument was in this state.\n  Payment to the state comptroller pursuant to paragraph (b) of this\nsubdivision shall be subject to the right of any other state, the laws\nof which provide for escheat or custodial taking of such amount, to\nrecover such amount upon proof that the last known address of the person\nentitled thereto or place of sale of the money order or instrument was\nwithin that other state's borders.\n  Payment to the state comptroller pursuant to paragraph (c) of this\nsubdivision shall be subject to the right of the state of last known\naddress to recover such amount if and when the law of the state of such\nlast known address makes provision for escheat or custodial taking of\nsuch amount.\n  3. On or before the first day of June in each year commencing with the\nyear nineteen hundred forty-nine every such organization shall pay to\nthe state comptroller all property deemed abandoned pursuant to this\nsection. Such payment shall be accompanied by a statement setting forth\nsuch information as the state comptroller may require.\n  4. Notwithstanding any other provision of law, the rights of a holder\nof a travelers check or money order to payment from any such\norganization shall be in no wise affected, impaired or enlarged by\nreason of the provisions of this section or by reason of the payment to\nthe state comptroller of abandoned property hereunder, and any such\norganization which has paid to the state comptroller abandoned property\nheld or owing for the payment of a travelers check or money order shall,\nupon making payment to the person appearing to its satisfaction to be\nentitled thereto and upon submitting to the state comptroller proof of\nsuch payment and the identifying number of the travelers check or money\norder so paid, be entitled to claim reimbursement from the state\ncomptroller of the amount so paid, and after audit the state comptroller\nshall pay the same.\n