2023 New York Laws › ABP - Abandoned Property › Article 1 - Short Title; Declaration of Policy; Definitions › 103 - Definitions.

§ 103. Definitions. As used in this chapter
(a)  "Abandoned  property  fund"  means  the  abandoned  property fund
established by section ninety-five of the state  finance  law,  as  such
section  was  added  by  a  chapter  of  the  laws  of  nineteen hundred
forty-four, entitled "An act to amend the state finance law, in relation
to establishing  an  abandoned  property  fund  and  providing  for  the
transfer  of  certain moneys and property to such fund, and to amend the
surrogate's court act in relation to payments from such fund."
(b) "Abandoned property heretofore paid to the state" means, unless  a
more  limited  meaning  clearly  appears  from the context, all money or
other personal property collected or received by the  state  comptroller
or the department of taxation and finance pursuant to the provisions of
(i)  section  twenty-two  hundred  twenty-two of the surrogate's court
procedure act;
(ii) subdivision two of section five, sections thirty-two, one hundred
twenty-seven, one hundred seventy, two  hundred  fifty-seven  and  three
hundred fourteen of the banking law;
(iii)   subsection   (c)   of  section  seven  thousand  four  hundred
thirty-four of the insurance law;
(iv) subdivision four of section sixty-six-a and section  one  hundred
four-c of the public service law;
(v) section thirteen-c of the transportation corporations law;
(vi)  sections eighty-four, ninety and ninety-two of the state finance
law;
(vii) section four hundred twenty-four of the vehicle and traffic law;
(viii) section one hundred thirty-eight of the navigation law;
(ix) and any earlier provision of law which embodies provisions  which
are  substantially  the same as or equivalent to those contained in such
sections.
(c) "Banking organizations" means all banks, trust companies,  private
bankers,  savings  banks,  industrial  banks,  safe  deposit  companies,
savings and loan associations, credit unions and investment companies in
this state, organized under or subject to the provisions of the laws  of
this  state, or of the United States, including entities organized under
section six hundred eleven of title twelve of the  United  States  code,
but  does  not  include  federal reserve banks. For the purposes of this
chapter,  the  term  "banking  organization"  shall  also  include   any
corporation  or  other organization which is a wholly or partially owned
subsidiary of any banking organization,  banking  corporation,  or  bank
holding company, which performs any or all of the functions of a banking
organization,  or  any  corporation or other organization which performs
such functions pursuant to the terms of  a  contract  with  any  banking
organization.
(d)  "Infant"  means a person who has not attained the age of eighteen
years.
"Infancy" means the state of being an infant.
(e)  "Life  insurance  corporation"  means  any  insurer   corporation
organized  under  the  laws  of  this  state  or any foreign corporation
authorized to  do  either  one  or  both  kinds  of  insurance  business
authorized  in  paragraphs  one and two of subsection (a) of section one
thousand one hundred thirteen of the insurance law, as amended from time
to time. The term life insurance corporation shall include  a  fraternal
benefit  society as defined in section four thousand five hundred one of
the insurance law.
(f) "Utility services" means gas, electricity or steam supplied  by  a
gas,   electric,   gas  and  electric  or  district  steam  corporation,
telephone,  telegraph  or  other  service  furnished  by  a   telephone,
telegraph  or  telegraph  and telephone corporation, water supplied by a

waterworks  corporation,  or   appliances,   equipment,   installations,
fixtures or appurtenances rented by any such corporation.
(g)  "Gift  certificate"  shall  mean  a written promise or electronic
payment device that: (i) is usable at a single merchant or an affiliated
group of merchants that share the same name, mark, or logo, or is usable
at multiple, unaffiliated merchants or service providers;  and  (ii)  is
issued  in  a specified amount; and (iii) may or may not be increased in
value or reloaded; and (iv) is purchased  and/or  loaded  on  a  prepaid
basis  for the future purchase or delivery of any goods or services; and
(v) is honored upon presentation. Gift certificate shall not include  an
electronic  payment  device  linked  to  a  deposit  account, or prepaid
telephone calling cards regulated  under  section  ninety-two-f  of  the
public  service  law.  Gift  certificate also shall not include flexible
spending arrangements as defined in Section 106(c)(2)  of  the  Internal
Revenue  Code, 26 U.S.C. § 106(c)(2); flexible spending accounts subject
to Section 125 of the Internal Revenue Code, 26  U.S.C.  §  125;  Archer
MSAs  as  defined  in  Section  220(d)  of the Internal Revenue Code, 26
U.S.C. §  220(d);  dependent  care  reimbursement  accounts  subject  to
Section  129  of  the  Internal  Revenue  Code,  26 U.S.C. § 129; health
savings accounts subject to Section 223(d) of the Internal Revenue Code,
26 U.S.C.  §  223(d),  as  amended  by  Section  1201  of  the  Medicare
Prescription  Drug,  Improvement, and Modernization Act of 2003, Pub. L.
No. 108-173; or similar accounts from which, under the Internal  Revenue
Code  and  its  implementing  regulations,  individuals  may pay medical
expenses, health care expenses,  dependent  care  expenses,  or  similar
expenses  on  a  pretax basis. Gift certificate also shall not include a
prepaid discount card or program used to purchase  identified  goods  or
services  at a price or percentage below the normal and customary price;
provided that the expiration  date  of  the  prepaid  discount  card  or
program  is  clearly  and conspicuously disclosed. Gift certificate also
shall not include payroll cards  or  other  electronic  payment  devices
which  are  linked  to a deposit account and which are given in exchange
for goods or services rendered.
(h) "Virtual currency" shall have the same meaning as set forth in  23
NYCRR 200.2(p).
(i)  "Virtual  currency business activity" shall have the same meaning
as set forth in 23 NYCRR 200.2(q).