§ 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.
