2010 New York Code
ABP - Abandoned Property
Article 3 - (300 - 306) UNCLAIMED PROPERTY HELD OR OWING BY BANKING ORGANIZATIONS
300 - Unclaimed property held or owing by banking organizations.

§  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
  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 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 five years, or
    (iii) any such amount with respect to which the  banking  organization
  has  on file written evidence received within 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
  remains  unclaimed  for  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
  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 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 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 five years, or
    (iii) any such amount with respect to which the  banking  organization
  has  on file written evidence received within 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 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 five 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.