NY Aban Prop L § 300 (2021)
2021 New York Laws ABP - Abandoned Property Article 3 - Unclaimed Property Held or Owing by Banking Organizations 300 - Unclaimed Property Held or Owing by Banking Organizations.

§  300.  Unclaimed property held or owing by banking organizations. 1. The following unclaimed property held or owing by banking  organizations shall be deemed abandoned property:  (a)  Any amounts due on deposits or any amounts to which a shareholder of a savings and loan association or a credit union is entitled, held or owing by a banking organization, which shall have remained unclaimed for three years by the person or persons appearing to be  entitled  thereto, including any interest or dividends credited thereon, excepting  (i)  any such amount which has been reduced or increased, exclusive of dividend or interest payment, within three years, or  (ii) any such amount which is represented by a  passbook  not  in  the possession  of  the  banking  organization, which has been presented for entry of dividend or interest credit within three years, or  (iii) any such amount with respect to which the  banking  organization has on file written evidence received within three years that the person or  persons  appearing  to  be  entitled  to  such amounts had knowledge thereof, or  (iv) any such amount payable only at or by a branch office located  in a  foreign  country,  or  payable  in  currency other than United States currency, or  (v) any such amount that is separately identifiable and has  been  set aside to meet the burial and related expenses of an individual, provided however  that  said  amount  shall be deemed abandoned property where it remains unclaimed for  three  years  subsequent  to  the  death  of  the individual for whom the amount was deposited.  (b)  Any amounts, together with all accumulations of interest or other increment thereon, held or owing  by  a  banking  organization  for  the payment of an interest in a bond and mortgage apportioned or transferred by  it  pursuant  to  subdivision  seven  of  former section one hundred eighty-eight of the banking law as  it  existed  prior  to  July  first, nineteen  hundred  thirty-seven,  which shall have remained unclaimed by the person or persons appearing to be entitled thereto for  three  years after the full and final liquidation of such mortgage, excepting  (i) any such amount which has been reduced by payment to the person or persons appearing to be entitled thereto within three years, or  (ii)  any  such  amount which is represented by a certificate of share ownership not in the  possession  of  the  banking  organization,  which certificate has been presented for transfer within three years, or  (iii)  any  such amount with respect to which the banking organization has on file written evidence received within three years that the person or persons appearing  to  be  entitled  to  such  amount  had  knowledge thereof.  (c) Any amount held or owing by a banking organization for the payment of a negotiable instrument under article three of the uniform commercial code  or  a  certified  check  whether  negotiable or not, on which such organization is  directly  liable,  which  instrument  shall  have  been outstanding  for  more  than three years from the date it was payable or from the date of its issuance, if payable on demand; provided,  however, the provisions of this paragraph shall not apply  (i)  to  any  negotiable  instrument  payable  outside the continental limits of the United States, or  (ii) to any instrument payable in currency other  than  United  States currency.  (d) After the expiration of three years from the opening of any vault, safe  deposit box or other receptacle by a banking organization pursuant to the provisions of the banking law, any surplus amounts arising from a sale by such banking organization of the contents of  such  vault,  safe deposit  box  or  other  receptacle  pursuant  to  the provisions of the  banking law, the balance remaining of any United States coin or currency among the contents of such vault, safe deposit box or  other  receptacle and  the  balance  remaining  of  the  proceeds  of  the principal of or interest  or  dividends  on  any  securities  among the contents of such vault, safe deposit box or other receptacle or the securities themselves which have remained unsold by the banking organization.  (e) Any amount or security representing a dividend  or  other  payment received  (i) after June thirtieth, nineteen hundred forty, by a banking organization or its nominee as the record holder of any stock, bond,  or other security of any corporation, association or joint stock company to which  amount or security an unknown person (except a person entitled to such dividend or other payment upon the surrender of  other  outstanding securities) is entitled or (ii) on or after July first, nineteen hundred seventy-four  by  a  banking organization or its nominee other than as a holder of record or as holder of record for known persons on any  stock, bond  or  other  security of any corporation, association or joint stock company or (iii) on or after July first, nineteen hundred eighty-four by a banking organization or its nominee  on  any  stock,  bond,  or  other security  of a governmental or other public issuer, (1) which shall have remained unclaimed by the person entitled thereto for three years  after receipt thereof by such banking organization or its nominee, or (2) when the  stock,  bond or other security with respect to which such amount or security representing a dividend or other payment is  payable  has  been deemed abandoned.  (f)  Except  as  provided  in  paragraph  (e) of this subdivision, any stock, bond or other security of any corporation, association  or  joint stock  company  received  on  or  after  July  first,  nineteen  hundred seventy-seven or any stock, bond or other security of  any  governmental or other public issuer received on or after July first, nineteen hundred eighty-four  by  a  banking organization or its nominee and held by such banking organization or its nominee (1) as  holder  of  record  of  such stock, bond or other security, or (2) as custodian, trustee or fiduciary for  a  person other than the issuer with respect to such stock, bond or other security, or (3) for unknown persons where, for  three  successive years,  (i)  all  amounts  payable  upon  such  stocks,  bonds, or other securities of any corporation, association or joint  stock  company  and received  by  such  banking organization or its nominee on or after July first, nineteen hundred seventy-seven or all amounts payable  upon  such stocks,  bonds,  or other securities of any governmental or other public issuer and received by such banking organization or its  nominee  on  or after  July  first, nineteen hundred eighty-four have remained unclaimed by the person  entitled  thereto,  and  (ii)  no  written  communication concerning such stock, bond or other security has been received from the person entitled thereto by such banking organization or its nominee.  (g)  Any stock, bond, or other security held by a banking organization in any vault or other storage area in any capacity  other  than  as  set forth in paragraphs (d), (e) or (f) of this subdivision where, for three successive  years,  (i) such stock, bond, or other security has remained unclaimed  by  the  person  entitled  thereto,  and  (ii)   no   written communication  concerning  such  stock,  bond or other security has been received from the person entitled thereto by such banking organization.  (h)  (i)  Any  amount  or   security   of   any   domestic,   foreign, non-authorized  foreign  or  public  corporation,  for  which  a banking organization acts as either agent or trustee of such corporation  or  as agent  or  trustee of a fiduciary engaged in the conduct of business, as such terms are defined in article five of this chapter, shall be  deemed abandoned  property  in the same manner and under the same conditions as such amounts or securities are deemed abandoned pursuant to article five  of this chapter,  except  that  such  amounts  or  securities  shall  be reportable,  payable  and/or deliverable to the state comptroller on the dates specified within this article  for  the  report  and  delivery  of abandoned property by banking organizations to the state comptroller.  (ii)  Where a banking organization or its nominee acts as either agent or trustee for the issuer of American depositary receipts, or as  agent, fiduciary  or  holder  of record for the rightful owner of such American depositary receipts, or the banking organization is itself the issuer of American depositary receipts, the American depositary receipts shall  be deemed   "securities"   and  such  securities  and  amounts  payable  or distributable thereon shall be deemed abandoned  property  in  the  same manner  and  under the same conditions as securities and amounts payable by banking organizations pursuant to the provisions of subparagraph  (i) of this paragraph, provided, however, that this subparagraph shall apply to  amounts or securities owing to or owned by persons with a last known address in New York or a foreign address or persons with no  last  known address  and provided further that this subparagraph shall apply to such amounts, whether in cash or stock, received by such banking organization or payable or distributable on or after  July  first,  nineteen  hundred seventy-four.  (iii)  The  certified letters required to be mailed to apparent owners of securities enrolled in a reinvestment plan  pursuant  to  subdivision two  of  section five hundred one of this chapter shall be mailed in the same manner and at the same time as specified in  this  article,  except that  such  certified  mail  must be made to the apparent owners of such securities regardless of the amount.  (i) Any  amount  or  security  which  shall  have  become  payable  or deliverable  by  a  banking  organization,  as  agent  or  trustee for a corporation,  association  or  joint  stock  company  which  shall  have discontinued  the conduct of its business, or the corporate existence of which shall have terminated, without the right to  receive  such  amount having  passed  to  a  successor  or  successors,  and  which shall have remained unpaid or undelivered to the person or persons entitled thereto for three years.  (j)  Any  security  representing  the  capital  stock  of  a   banking organization  or  any  amount  payable or distributable thereon shall be deemed abandoned  property  in  the  same  manner  and  under  the  same conditions  as  amounts  or  securities are deemed abandoned pursuant to article five of this chapter.  (k) Lost property or instruments as defined  in  section  two  hundred fifty-one  of  the personal property law which shall have been held by a safe deposit company or bank for three years pursuant to the  provisions of section two hundred fifty-six of the personal property law.   2.  Any  abandoned property held or owing by a banking organization to which the right to receive the same is established to  the  satisfaction of such banking organization shall cease to be deemed abandoned.   3.  A  deposit made with a banking organization directly by a court or by a guardian pursuant to order of a court for the benefit of  a  person who  was  an  infant  at  the  time of the making of such deposit, which deposit is subject to withdrawal only upon the  further  order  of  such court, shall not be subject to the provisions of this chapter until such infant  attains  the  age  of  eighteen years or until the death of such infant whichever event occurs sooner.   4. As used in sections three hundred to three hundred three  inclusive of  this  article,  the  term "banking organizations" shall be deemed to include the New York branch or branches or agency  or  agencies  of  all foreign  banking  corporations  licensed  to  do  business in this state pursuant to article two and all branches of all out-of-state  depository  institutions  authorized  to  conduct business in this state pursuant to article five-C of the banking law, and  the  word  "deposits"  shall  be deemed  to  include  credit balances maintained by any such agencies for the  account  of others in accordance with the provisions of section two hundred two-a of the banking law.