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SECTION 300
Unclaimed property held or owing by banking organizations
Abandoned Property (ABP) CHAPTER 1, ARTICLE 3
§ 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.