2023 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.