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This entry was published on 2014-09-22
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SECTION 303
Payment of abandoned property
Abandoned Property (ABP) CHAPTER 1, ARTICLE 3
§ 303. Payment of abandoned property. 1. In such succeeding month of
November, and on or before the tenth day thereof, every banking
organization shall pay or deliver to the state comptroller all property
which, as of the thirtieth day of June next preceding, was deemed
abandoned pursuant to section three hundred of this article, held or
owing by such banking organization.

2. Such payment shall be accompanied by a true and accurate report
setting forth such information as the state comptroller may require
relative to such abandoned property. Such report shall include:

(a) with respect to amounts specified in paragraph (a) of subdivision
one of section three hundred which are abandoned property:

(i) the name and last known address of the person or persons appearing
from the records of such banking organization to be the owner of any
such abandoned property;

(ii) the amount appearing from such records to be due such person or
persons;

(iii) the date of the last transaction with respect to such abandoned
property;

(iv) the nature and identifying number, if any, of such abandoned
property; and

(v) such other identifying information as the state comptroller may
require.

(b) with respect to amounts specified in paragraph (b) of subdivision
one of section three hundred of this article which are abandoned
property:

(i) the name and last known address, if any, of the person or persons
appearing from the records of such banking organization to be entitled
to receive such abandoned property;

(ii) the amount appearing from such records to be due such person or
persons;

(iii) the amount of any interest or other increment due thereon;

(iv) the date of the last transaction with respect to such abandoned
property; and

(v) such other identifying information as the state comptroller may
require.

(c) with respect to amounts specified in paragraph (c) of subdivision
one of section three hundred of this article which are abandoned
property:

(i) the name and last known address, if any, of the person or persons
appearing from the records of such banking organization to be entitled
to receive such abandoned property;

(ii) a description of such abandoned property including identifying
numbers, if any, and the amount appearing from such records to be due or
payable;

(iii) the amount of any interest or other increment due thereon;

(iv) the date such abandoned property was payable or demandable;

(v) the amount and identifying number of any such instrument where the
payee thereof is unknown to the banking organization; and

(vi) such other identifying information as the state comptroller may
require.

(d) with respect to amounts specified in paragraph (d) of subdivision
one of section three hundred of this article which are abandoned
property:

(i) the name and last known address, if any, of the person or persons
appearing from the records of such banking organization to be the owner
of any such abandoned property; and

(ii) such other information as the state comptroller may reasonably
require.

3. Such report shall be in such form as the state comptroller may
prescribe. All names of persons appearing in the section of such report
relating to deposits, appearing to be the owners thereof, shall be
listed in alphabetical order. Abandoned property other than deposits
listed in such report shall be classified in such manner as the state
comptroller may prescribe, and names of persons appearing to be entitled
to such abandoned property appearing in such report shall be listed
alphabetically within each such classification.

4. No banking organization in this state, organized under or subject
to the provisions of section six hundred eleven of title twelve of the
United States code, shall be required to file reports of abandoned
property relating to any amounts received on or before the thirtieth day
of June, nineteen hundred seventy-seven, unless, as of the effective
date of this subdivision, such amounts remain recorded and shown in the
books and records of such banking organization as an outstanding
obligation thereof.