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This entry was published on 2014-09-22
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Abandoned Property (ABP) CHAPTER 1, ARTICLE 12-A
§ 1216. Presumptions. If it shall appear from the records of the
United States that the rightful owner of property described in section
twelve hundred fifteen of this article has not made claim thereto for a
period of seven consecutive years, it shall be presumed for purposes of
escheat proceedings under this article that such rightful owner is, and
during such period has been, unknown or has died without having disposed
thereof and without having left a will, and without having left any
heirs, next-of-kin or distributees or that such property has been
abandoned and that such property has escheated. In any case wherein the
rightful owner of such property is a corporation it shall also be
presumed for purposes of escheat proceedings under this article that the
corporation is dissolved, no longer in existence, and its charter
forfeited and the presumptions set forth in the first sentence of this
section shall be made with respect to the rightful owners or claimants
to the assets of such corporation, including its stockholders and
creditors. The presumptions provided for in this section may be rebutted
by competent evidence to the contrary.