S T A T E   O F   N E W   Y O R K
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                                  10530

                          I N  A S S E M B L Y

                              May 31, 2016
                               ___________

Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the abandoned property law, in relation to extending the
  term for claiming unclaimed property from three to five years

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraphs (a), (b), (c), (d), (e), (f), (g), (i)  and  (k)
of  subdivision  1  of  section 300 of the abandoned property law, para-
graphs (a), (b) and (k) as amended by section 1 of part A of chapter  61
of  the laws of 2011, paragraph (c) as amended by section 5 of part T of
chapter 62 of the laws of 2006, paragraph (d) as amended by  chapter  48
of  the laws of 1978, paragraphs (e) and (f) as amended by chapter 41 of
the laws of 1987 and paragraphs (g) and (i) as added by  chapter  15  of
the laws of 1983, are amended to read as follows:
  (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] FIVE 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] FIVE 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] FIVE years, or
  (iii) any such amount with respect to which the  banking  organization
has on file written evidence received within [three] FIVE 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD15462-01-6

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remains  unclaimed for [three] FIVE 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 eight-
y-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] FIVE 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] FIVE 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] FIVE years,
or
  (iii) any such amount with respect to which the  banking  organization
has on file written evidence received within [three] FIVE 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] FIVE years from the date it was  paya-
ble  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] FIVE 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 aris-
ing  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 secu-
rity of a governmental or other public  issuer,  (1)  which  shall  have
remained unclaimed by the person entitled thereto for [three] FIVE years

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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 seven-
ty-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] FIVE
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 communi-
cation 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]  FIVE  successive years, (i) such stock, bond, or other security
has remained unclaimed by the person entitled thereto, and (ii) no writ-
ten communication concerning such stock, bond or other security has been
received from the person entitled thereto by such banking organization.
  (i) Any amount or security which shall have become payable or deliver-
able 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  unde-
livered  to  the  person  or  persons  entitled thereto for [three] FIVE
years.
  (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]  FIVE  years  pursuant  to  the
provisions  of  section  two  hundred fifty-six of the personal property
law.
  S 2. Subdivisions 1, 2 and 3 of section 501 of the abandoned  property
law,  subdivisions  1 and 2 as added by chapter 166 of the laws of 1991,
paragraph (b) of subdivision 1 as amended by section  2  of  part  T  of
chapter  62  of  the  laws  of  2006,  paragraph (a) of subdivision 2 as
amended by section 3 of part T of  chapter  62  of  the  laws  of  2006,
subparagraph (i) of paragraph (b) of subdivision 2 as amended by section
4  of  part  T  of  chapter  62 of the laws of 2006 and subdivision 3 as
amended by chapter 61 of the laws  of  1989,  are  amended  to  read  as
follows:
  1.  (a)  Any amount which, on or after January first, nineteen hundred
forty-seven, shall have become payable or distributable by  a  domestic,

A. 10530                            4

foreign  or  public  corporation  or by a fiduciary to a resident as the
owner or former owner of a security  as  defined  in  paragraph  (a)  of
subdivision two of section five hundred of this article, shall be deemed
abandoned when the security with respect to which such amount is payable
or distributable has been deemed abandoned, or when such amount:
  (i)  is  payable  or  distributable  to  such resident as the owner or
former owner of such security; and
  (ii) has, on the thirty-first day of December in  any  year,  remained
unpaid  to  or  unclaimed  by such resident for a period of [three] FIVE
years. For the purposes of this article, a security as defined in  para-
graph  (a)  of  subdivision  two of section five hundred of this article
shall not be deemed abandoned until a period of [three] FIVE  years  has
elapsed  from  the  earlier of the maturity date of such security or the
date such security has been called for redemption.
  (b) Any amount which, on or  after  January  first,  nineteen  hundred
forty-seven  shall have become payable or distributable by a domestic or
foreign corporation or a fiduciary to a resident as the owner or  former
owner  of  a  security as defined in paragraph (b) of subdivision two of
section five hundred of this article, shall be deemed abandoned when the
security with respect to which such amount is payable  or  distributable
has been deemed abandoned or when such amount:
  (i)  is  payable  or  distributable  to  such resident as the owner or
former owner of such security; and
  (ii) has, on the thirty-first day of December in  any  year,  remained
unpaid  to  or  unclaimed  by such resident for a period of [three] FIVE
years.
  2. (a) Except as provided in paragraph (b) of  this  subdivision,  any
security, as defined in paragraph (b) of subdivision two of section five
hundred  of  this article, of any domestic corporation or foreign corpo-
ration owned by or formerly owned by a resident shall  be  deemed  aban-
doned where, for [three] FIVE successive years:
  (i)  all  amounts,  if  any,  payable or distributable thereon or with
respect thereto have remained unpaid to or unclaimed by  such  resident,
and
  (ii)  no written communication has been received from such resident by
the holder.
  (b) (i) Any security, as defined in paragraph (b) of  subdivision  two
of  section  five  hundred  of  this article, of any domestic or foreign
corporation in which a resident has an ownership interest and  which  is
enrolled in a plan that provides for the automatic reinvestment of divi-
dends, distributions, or other sums payable as the result of such inter-
est  shall  be deemed abandoned when any security owned by such resident
which is not enrolled in the plan has been deemed abandoned pursuant  to
paragraph  (a)  of this subdivision or when, for [three] FIVE successive
years:
  (1) all amounts, if any, payable thereon or with respect thereto  have
remained unpaid to or unclaimed by such resident, and
  (2)  no  written communication has been received from such resident by
the holder, and
  (3) the holder does not know the location of such resident at the  end
of such [three] FIVE year period.
  (ii) For purposes of this paragraph, the reinvestment of any dividend,
distribution  or other sum payable shall not be considered as payment of
an amount for the purpose of extending the statutory period of  inactiv-
ity  after the expiration of which securities enrolled in a reinvestment
plan are deemed abandoned.

A. 10530                            5

  (iii) Any corporation or fiduciary holding or evidencing on its  books
and  records securities enrolled in a reinvestment plan shall notify the
apparent owner by certified mail that such securities will be  delivered
to  the  state  comptroller  as  abandoned  property,  pursuant  to  the
provisions  of  section  five  hundred  two of this article, unless such
corporation or fiduciary receives written communication from the  appar-
ent  owner  of  such  securities indicating knowledge of such securities
prior to the date that such securities are required to be  delivered  to
the  state  comptroller.  Such  letter  by  certified mail shall be sent
during the calendar year prior to the year in which such property  would
be  required to be delivered to the state comptroller, but no later than
the thirty-first day of December of such  year.  For  purposes  of  this
subdivision,  a  signed return receipt shall constitute written communi-
cation received by the holder from the apparent owner.
  (iv) All corporations or fiduciaries  holding  or  evidencing  on  its
books  and  records  securities  enrolled  in  a reinvestment plan shall
retain, for a period of five years following  the  thirty-first  day  of
December  of  the year for which a report of abandoned property has been
filed, a list of (1) the dates and  nature  of  any  and  all  corporate
notices  which  have  been  sent  via first class mail to owners of such
securities during the period to which such report relates, and  (2)  the
names  and  addresses  of  all owners of such securities for whom postal
authorities have returned any first class mail sent by the holder during
the period to which such report relates, and the  dates  on  which  such
mail  was  returned  for each such owner. Nothing contained herein or in
any other provision of this  chapter  shall  preclude  the  state  comp-
troller, in the performance of his duties under this chapter, from veri-
fying  that  all  such  notices  have  been sent and whether or not such
notices have been returned to the holder by the postal authorities.
  3. Any wages payable on or after July first, nineteen  hundred  sixty-
three  by  a  domestic or foreign corporation and held for a resident by
such issuing corporation or held and payable by a fiduciary other than a
broker or dealer as defined in section five hundred ten of this  chapter
for  a  resident  shall  be  deemed  to be abandoned property, where for
[three] FIVE successive years:
  (a) All such wages have remained unpaid to such resident, and
  (b) No written communication has been received from such  resident  by
the holder, and
  (c)  Notice  regarding  such wages has been sent by the corporation or
fiduciary, via first class mail, to such  resident  at  his  last  known
address  and such notice has been returned to the corporation or fiduci-
ary by the postal authorities for inability to locate such resident.
  S 3. Subdivisions 1, 1-a, 2, 3, 4 and 5 of section 511  of  the  aban-
doned property law, subdivisions 1, 2, 3 and 4 as amended by chapter 617
of the laws of 1973 and subdivisions 1-a and 5 as amended by chapter 767
of the laws of 1983, are amended to read as follows:
  1.  Any  amount (a) received in this state after June thirtieth, nine-
teen hundred forty-six by a broker or dealer or nominee of  such  broker
or  dealer as the holder of record of a security remaining unpaid to the
person entitled thereto for [three] FIVE  years  following  the  receipt
thereof,  or  (b) when paid to such broker, dealer or nominee on or with
respect to a security which has been deemed abandoned.
  1-a. Any amount (a) received in this state on  or  after  July  first,
nineteen  hundred  seventy-four by a broker or dealer or nominee of such
broker or dealer other than as  the  holder  of  record  of  a  security
remaining  unpaid  to the person entitled thereto for [three] FIVE years

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following the receipt thereof, or (b) when paid to such  broker,  dealer
or  nominee on or with respect to a security which has been deemed aban-
doned.
  2.  Any  amount (a) received in this state after June thirtieth, nine-
teen hundred forty-six due from a broker or dealer or  nominee  of  such
broker or dealer to a customer which has remained unpaid to the customer
for  [three] FIVE years after the date of the last entry, other than the
receipt of dividends or interest in the account of such  broker,  dealer
or  nominee  with  such customer, or (b) payable on or with respect to a
security which has been deemed abandoned.
  3. Any security held in this state by a broker or dealer,  or  nominee
of  such  broker  or dealer, as the holder of record of a security for a
customer or for a person or persons unknown to such broker or dealer  or
nominee where, for [three] FIVE successive years, all amounts paid ther-
eon  or with respect thereto and received after June thirtieth, nineteen
hundred forty-six by such broker or  dealer  or  nominee  have  remained
unclaimed.   Provided, however, that if any amount or security specified
in THIS subdivision OR SUBDIVISION one[,] OR SUBDIVISION two [or  three]
of  this  section is reflected, recorded, or included in an account with
respect to which such broker or dealer has on file evidence  in  writing
received  within  the [three] FIVE years immediately preceding the thir-
ty-first day of December preceding the  date  such  amount  or  security
would  otherwise  be  payable  or  deliverable  pursuant to section five
hundred twelve OF THIS ARTICLE that  the  person  entitled  thereto  had
knowledge  of  such  account,  then such amount or security shall not be
deemed abandoned property.
  4. Any security held by a broker or dealer or nominee of  such  broker
or dealer reflected, recorded, or included in an account with respect to
which,  for  [three] FIVE successive years, all statements of account or
other communications which have been sent, via first class mail, to  the
customer  at  his  last known address have been returned to such broker,
dealer or nominee by the postal authorities for inability to locate  the
customer,  and  no  written  communication  has  been  received from the
customer by such broker, dealer or nominee, provided such  security  was
received  or  is held in this state by such broker, dealer or nominee or
the last known address of the customer is located in this state.
  5. Any wages held and payable on or after July first, nineteen hundred
sixty-six by a broker or dealer, as defined in section five hundred  ten
of  this  article,  for  the  benefit  of  a person or persons, known or
unknown shall be deemed to be abandoned property, where for [three] FIVE
successive years:
  (a) All such wages have remained unpaid to such person, and
  (b) No written communication has been received from such person by the
holder, and
  (c) Notice regarding such wages, if sent by the broker or dealer,  via
first  class  mail,  to  such  person at his last known address has been
returned to the broker or dealer by the postal authorities for inability
to locate such person.
  S 4. Subdivision 1 of section 700 of the abandoned  property  law,  as
amended  by  chapter  695 of the laws of 1964, paragraphs (a) and (c) as
amended by chapter 78 of the laws of 1976, paragraph (b) as  amended  by
section 13 of part A of chapter 61 of the laws of 2011, paragraph (d) as
amended  by  chapter  767 of the laws of 1983 and paragraph (e) as added
and paragraph (f) as amended by chapter 61  of  the  laws  of  1989,  is
amended to read as follows:

A. 10530                            7

  1.  The  following  unclaimed property held or owing by life insurance
corporations shall be deemed abandoned property:
  (a)  Any  moneys held or owing by any life insurance corporation which
shall have remained unclaimed for [three] FIVE years by  the  person  or
persons  appearing  to  be entitled thereto under matured life insurance
policies on the endowment plan and which are payable to any person whose
last-known address, according to the  records  of  the  corporation,  is
within this state.
  (b)  Any  moneys held or owing by any life insurance corporation which
are payable under other kinds of life insurance policies to  any  person
whose  last-known  address, according to the records of the corporation,
is within this state, where the insured, if living, would have  attained
the  limiting  age  under  the mortality table on which the reserves are
based, exclusive of
  (i) any policy which has within  [three]  FIVE  years  been  assigned,
readjusted, kept in force by payment of premium, reinstated or subjected
to loan, or
  (ii)  any  policy  with  respect to which such corporation has on file
written evidence received within [three] FIVE years that the  person  or
persons apparently entitled to claim thereunder have knowledge thereof.
  (c)  Any moneys held or owing by any life insurance corporation due to
beneficiaries or other persons entitled thereto under  policies  on  the
lives  of  persons who have died where the last-known address, according
to the records of the corporation, of the person or persons appearing to
be entitled thereto is  within  this  state,  which  moneys  shall  have
remained unclaimed by the person or persons entitled thereto for [three]
FIVE years.
  (d)  Any  other  moneys  which are held or owing by any life insurance
corporation on or after July first, nineteen hundred sixty-seven consti-
tuting or representing refunds of any kind due  upon  or  in  connection
with  life  insurance  policies  payable  to any person whose last known
address, according to the records of the  corporation,  is  within  this
state, which moneys shall have remained unclaimed by the person entitled
thereto for [three] FIVE years.
  (e)  Any  moneys held or owing by any life insurance corporation on or
after July first, nineteen hundred eighty-three upon  or  in  connection
with an annuity contract payable to any person whose last-known address,
according to the records of the corporation, is within this state, which
moneys  shall have remained unclaimed by the person entitled thereto for
[three] FIVE years.
  (f) If no address of the person or persons appearing to be entitled to
the unclaimed funds pursuant to PARAGRAPH (a), (b), (c), (d) or  (e)  of
this  subdivision is known to such corporation, or if it is not definite
and certain from the records of such corporation what person is entitled
to such funds, it shall be presumed that the last-known address  of  the
person  entitled  to such funds is the same as the last-known address of
the insured or annuitant according to the records of  such  corporation.
Where no address can be ascertained, pursuant to this paragraph, for the
insured, annuitant or person or persons entitled to the unclaimed funds,
such  person's  last-known  address  shall be presumed to be within this
state if the unclaimed funds are held or owing by life insurance  corpo-
ration organized under the laws of this state.
  S 5. This act shall take effect immediately.