N.Y. ABP Law § 501 — New York Code / Act ABP / Article 5 / Section 501
Unclaimed property; when deemed abandoned
Status: in_force

§ 501. Unclaimed property; when deemed abandoned. 1. (a) Any amount\nwhich, on or after January first, nineteen hundred forty-seven, shall\nhave become payable or distributable by a domestic, foreign or public\ncorporation or by a fiduciary to a resident as the owner or former owner\nof a security as defined in paragraph (a) of subdivision two of section\nfive hundred of this article, shall be deemed abandoned when the\nsecurity with respect to which such amount is payable or distributable\nhas been deemed abandoned, or when such amount:\n  (i) is payable or distributable to such resident as the owner or\nformer owner of such security; and\n  (ii) has, on the thirty-first day of December in any year, remained\nunpaid to or unclaimed by such resident for a period of three years. For\nthe purposes of this article, a security as defined in paragraph (a) of\nsubdivision two of section five hundred of this article shall not be\ndeemed abandoned until a period of three years has elapsed from the\nearlier of the maturity date of such security or the date such security\nhas been called for redemption.\n  (b) Any amount which, on or after January first, nineteen hundred\nforty-seven shall have become payable or distributable by a domestic or\nforeign corporation or a fiduciary to a resident as the owner or former\nowner of a security as defined in paragraph (b) of subdivision two of\nsection five hundred of this article, shall be deemed abandoned when the\nsecurity with respect to which such amount is payable or distributable\nhas been deemed abandoned or when such amount:\n  (i) is payable or distributable to such resident as the owner or\nformer owner of such security; and\n  (ii) has, on the thirty-first day of December in any year, remained\nunpaid to or unclaimed by such resident for a period of three years.\n  2. (a) Except as provided in paragraph (b) of this subdivision, any\nsecurity, as defined in paragraph (b) of subdivision two of section five\nhundred of this article, of any domestic corporation or foreign\ncorporation owned by or formerly owned by a resident shall be deemed\nabandoned where, for three successive years:\n  (i) all amounts, if any, payable or distributable thereon or with\nrespect thereto have remained unpaid to or unclaimed by such resident,\nand\n  (ii) no written communication has been received from such resident by\nthe holder.\n  (b) (i) Any security, as defined in paragraph (b) of subdivision two\nof section five hundred of this article, of any domestic or foreign\ncorporation in which a resident has an ownership interest and which is\nenrolled in a plan that provides for the automatic reinvestment of\ndividends, distributions, or other sums payable as the result of such\ninterest shall be deemed abandoned when any security owned by such\nresident which is not enrolled in the plan has been deemed abandoned\npursuant to paragraph (a) of this subdivision or when, for three\nsuccessive years:\n  (1) all amounts, if any, payable thereon or with respect thereto have\nremained unpaid to or unclaimed by such resident, and\n  (2) no written communication has been received from such resident by\nthe holder, and\n  (3) the holder does not know the location of such resident at the end\nof such three year period.\n  (ii) For purposes of this paragraph, the reinvestment of any dividend,\ndistribution or other sum payable shall not be considered as payment of\nan amount for the purpose of extending the statutory period of\ninactivity after the expiration of which securities enrolled in a\nreinvestment plan are deemed abandoned.\n  (iii) Any corporation or fiduciary holding or evidencing on its books\nand records securities enrolled in a reinvestment plan shall notify the\napparent owner by certified mail that such securities will be delivered\nto the state comptroller as abandoned property, pursuant to the\nprovisions of section five hundred two of this article, unless such\ncorporation or fiduciary receives written communication from the\napparent owner of such securities indicating knowledge of such\nsecurities prior to the date that such securities are required to be\ndelivered to the state comptroller. Such letter by certified mail shall\nbe sent during the calendar year prior to the year in which such\nproperty would be required to be delivered to the state comptroller, but\nno later than the thirty-first day of December of such year. For\npurposes of this subdivision, a signed return receipt shall constitute\nwritten communication received by the holder from the apparent owner.\n  (iv) All corporations or fiduciaries holding or evidencing on its\nbooks and records securities enrolled in a reinvestment plan shall\nretain, for a period of five years following the thirty-first day of\nDecember of the year for which a report of abandoned property has been\nfiled, a list of (1) the dates and nature of any and all corporate\nnotices which have been sent via first class mail to owners of such\nsecurities during the period to which such report relates, and (2) the\nnames and addresses of all owners of such securities for whom postal\nauthorities have returned any first class mail sent by the holder during\nthe period to which such report relates, and the dates on which such\nmail was returned for each such owner. Nothing contained herein or in\nany other provision of this chapter shall preclude the state\ncomptroller, in the performance of his duties under this chapter, from\nverifying that all such notices have been sent and whether or not such\nnotices have been returned to the holder by the postal authorities.\n  2-a. Notwithstanding any other law to the contrary, any amount,\nsecurity or other distribution payable or distributable to a resident as\nthe result of a demutualization or similar reorganization of an\ninsurance company shall be deemed abandoned where, for two successive\nyears:\n  (a) all amounts, securities or other distributions have remained\nunpaid to or unclaimed by such resident, and\n  (b) no written communication from such resident has been received by\nthe holder.\n  3. Any wages payable on or after July first, nineteen hundred\nsixty-three by a domestic or foreign corporation and held for a resident\nby such issuing corporation or held and payable by a fiduciary other\nthan a broker or dealer as defined in section five hundred ten of this\nchapter for a resident shall be deemed to be abandoned property, where\nfor three successive years:\n  (a) All such wages have remained unpaid to such resident, and\n  (b) No written communication has been received from such resident by\nthe holder, and\n  (c) Notice regarding such wages has been sent by the corporation or\nfiduciary, via first class mail, to such resident at his last known\naddress and such notice has been returned to the corporation or\nfiduciary by the postal authorities for inability to locate such\nresident.\n  4. For the purposes of this section the holder or owner of a security\nor payee of an amount or a payee of wages shall be deemed to be a\nresident when the records of the corporation or fiduciary indicate that\nthe last known address of such holder, owner or payee is located within\nthis state or, if the security was issued or the amount or wages were\npayable by a domestic corporation or a public corporation organized\nunder the laws of this state, when such records do not indicate a last\nknown address outside this state or when the address of such holder,\nowner or payee is unknown to such corporation or public corporation or\nfiduciary; or when the address of such holder, owner or payee is in a\nstate not having a law relating to the disposition of abandoned\nproperty; or when the address of such holder, owner or payee is in a\nforeign country.\n  5. Any amount, wages or security with respect to which such domestic\nor foreign corporation or public corporation or fiduciary has on file\nwritten evidence received within the period specified for determining\nabandonment of such property that the person entitled to such amount or\nwages or for whom such security is held had knowledge thereof shall not\nbe deemed abandoned property.\n