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This entry was published on 2014-09-22
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Disposition of undelivered moneys
General Business (GBS) CHAPTER 20, ARTICLE 10-B
§ 164. Disposition of undelivered moneys. Every steamship company,
express company, or other company, to which moneys received for
transmission are returned for the reason that the same cannot be
delivered shall forthwith notify the transmitter thereof by mailing
written notice to such transmitter at his last known address. If such
money be unclaimed for a period of ninety days after such notice, such
company shall immediately turn over such money to the state comptroller
who shall maintain the same as a capital revolving fund for the purpose
of paying claimants thereof. After such moneys have remained unclaimed
in the hands of the comptroller for five years, the same shall escheat
to the state.