NY Aban Prop L § 500 (2021)
2021 New York Laws ABP - Abandoned Property Article 5 - Unclaimed Property Held or Owing for Payment to Security Holders 500 - Definitions.

§  500.  Definitions.   When used in this article, the following terms shall have the following meanings:   1. (a) "Corporation" shall mean any corporation (other than  a  public corporation  as  defined  in  paragraph  (b) of this subdivision), joint stock company,  association  of  two  or  more  individuals,  committee, partnership,  investment company (as defined by, and which is registered under, an act of Congress of the United States entitled the  "Investment Company  Act  of  1940",  as amended), unit investment trust or business trust, whether or not for profit.  (b) "Public corporation" shall mean any state and a public corporation as defined in section sixty-six of the  general  construction  law,  but shall  not  mean an agency or political subdivision of the United States or of a foreign nation.   2. "Security" shall mean:  (a) Any instrument issued by a corporation or  public  corporation  or any  entry  on  the  books  and  records  of  such corporation or public corporation  evidencing  an  obligation  to  make  any  payment  of  the principal  amount  of  a  debt  or of any increment due or to become due thereon; or  (b) Any instrument issued by a corporation to evidence  a  proprietary interest  therein  or  any  intangible  interest  in  a  corporation  as evidenced by the books and records of the corporation except:  (i) A policy of insurance issued by a mutual insurance corporation, or  (ii) A share issued by a savings and loan association, a building  and loan association, or a credit union.   For the purposes of this article, an industrial development bond or an industrial  revenue  bond  shall be deemed a security issued by a public corporation.   3. "Domestic corporation" shall mean any corporation  organized  under the  laws  of this state or under the laws of this state and one or more other states  or  foreign  countries,  but  shall  not  mean  a  banking organization as defined in this chapter.   4.  "Foreign  corporation"  shall mean any corporation organized under the laws of a state other than New York or under the laws of  a  foreign country and doing business in this state or authorized to do business in this state, but shall not mean a banking organization as defined in this chapter.      "Non-authorized   foreign   corporation"  shall  mean  any corporation organized under the laws of a  state  other  than  New  York which  is  neither  doing business nor authorized to do business in this state.   5. "Fiduciary" shall mean any individual or any  domestic  or  foreign corporation  holding a security for a resident or receiving, as agent of a corporation or as holder of a security, any amount due  or  to  become due  a  resident as the holder or owner of a security but shall not mean any individual or corporation so acting by direction of a court  in  any case  where such court has not directed a distribution of such amount or security.   6. "Resident" shall mean:  (a) An individual domiciled in this state;  (b) A domestic corporation;  (c) A banking organization, as defined in section one hundred three of this chapter; and  (d) This state and any public corporation organized under its laws.   7. (a) "Amount" shall include, but is not limited  to,  any  dividend, profit  or  other  distribution,  whether in cash or securities, and any interest or other payment on or of principal, including the  cash  value of any security which has matured or has been called for full or partial redemption  or  is  payable to security owners or former security owners  entitled  to  payments  as  the  result  of  a  merger,   consolidation, acquisition or conversion of any type.  (b)  An  amount  is  deemed to be "distributable" or "payable" for the purposes of this article notwithstanding any requirement that a security or other instrument must be presented, exchanged or surrendered, or that an owner must affirmatively make any claim for  payment,  before  actual payment of such amount may be effected.   8.  "Wages" shall include moneys payable, under contract or otherwise, for services rendered to a domestic or foreign corporation or fiduciary, including  but  not  limited  to  payment  of   salaries,   commissions, royalties,  expenses,  employee benefits, and insurance benefits payable by  a  corporation  pursuant  to  a  self-insurance  plan,  less  lawful deductions.