§ 501. Unclaimed property; when deemed abandoned. 1. (a) Any amount
which, on or after January first, nineteen hundred forty-seven, shall
have become payable or distributable by a domestic, foreign or public
corporation or by a fiduciary to a resident as the owner or former owner
of a security as defined in paragraph (a) of subdivision two of section
five hundred of this article, shall be deemed abandoned when the
security with respect to which such amount is payable or distributable
has been deemed abandoned, or when such amount:

(i) is payable or distributable to such resident as the owner or
former owner of such security; and

(ii) has, on the thirty-first day of December in any year, remained
unpaid to or unclaimed by such resident for a period of three years. For
the purposes of this article, a security as defined in paragraph (a) of
subdivision two of section five hundred of this article shall not be
deemed abandoned until a period of three years has elapsed from the
earlier of the maturity date of such security or the date such security
has been called for redemption.

(b) Any amount which, on or after January first, nineteen hundred
forty-seven shall have become payable or distributable by a domestic or
foreign corporation or a fiduciary to a resident as the owner or former
owner of a security as defined in paragraph (b) of subdivision two of
section five hundred of this article, shall be deemed abandoned when the
security with respect to which such amount is payable or distributable
has been deemed abandoned or when such amount:

(i) is payable or distributable to such resident as the owner or
former owner of such security; and

(ii) has, on the thirty-first day of December in any year, remained
unpaid to or unclaimed by such resident for a period of three years.

2. (a) Except as provided in paragraph (b) of this subdivision, any
security, as defined in paragraph (b) of subdivision two of section five
hundred of this article, of any domestic corporation or foreign
corporation owned by or formerly owned by a resident shall be deemed
abandoned where, for three successive years:

(i) all amounts, if any, payable or distributable thereon or with
respect thereto have remained unpaid to or unclaimed by such resident,
and

(ii) no written communication has been received from such resident by
the holder.

(b) (i) Any security, as defined in paragraph (b) of subdivision two
of section five hundred of this article, of any domestic or foreign
corporation in which a resident has an ownership interest and which is
enrolled in a plan that provides for the automatic reinvestment of
dividends, distributions, or other sums payable as the result of such
interest shall be deemed abandoned when any security owned by such
resident which is not enrolled in the plan has been deemed abandoned
pursuant to paragraph (a) of this subdivision or when, for three
successive years:

(1) all amounts, if any, payable thereon or with respect thereto have
remained unpaid to or unclaimed by such resident, and

(2) no written communication has been received from such resident by
the holder, and

(3) the holder does not know the location of such resident at the end
of such three year period.

(ii) For purposes of this paragraph, the reinvestment of any dividend,
distribution or other sum payable shall not be considered as payment of
an amount for the purpose of extending the statutory period of
inactivity after the expiration of which securities enrolled in a
reinvestment plan are deemed abandoned.

(iii) Any corporation or fiduciary holding or evidencing on its books
and records securities enrolled in a reinvestment plan shall notify the
apparent owner by certified mail that such securities will be delivered
to the state comptroller as abandoned property, pursuant to the
provisions of section five hundred two of this article, unless such
corporation or fiduciary receives written communication from the
apparent owner of such securities indicating knowledge of such
securities prior to the date that such securities are required to be
delivered to the state comptroller. Such letter by certified mail shall
be sent during the calendar year prior to the year in which such
property would be required to be delivered to the state comptroller, but
no later than the thirty-first day of December of such year. For
purposes of this subdivision, a signed return receipt shall constitute
written communication received by the holder from the apparent owner.

(iv) All corporations or fiduciaries holding or evidencing on its
books and records securities enrolled in a reinvestment plan shall
retain, for a period of five years following the thirty-first day of
December of the year for which a report of abandoned property has been
filed, a list of (1) the dates and nature of any and all corporate
notices which have been sent via first class mail to owners of such
securities during the period to which such report relates, and (2) the
names and addresses of all owners of such securities for whom postal
authorities have returned any first class mail sent by the holder during
the period to which such report relates, and the dates on which such
mail was returned for each such owner. Nothing contained herein or in
any other provision of this chapter shall preclude the state
comptroller, in the performance of his duties under this chapter, from
verifying that all such notices have been sent and whether or not such
notices have been returned to the holder by the postal authorities.

2-a. Notwithstanding any other law to the contrary, any amount,
security or other distribution payable or distributable to a resident as
the result of a demutualization or similar reorganization of an
insurance company shall be deemed abandoned where, for two successive
years:

(a) all amounts, securities or other distributions have remained
unpaid to or unclaimed by such resident, and

(b) no written communication from such resident has been received by
the holder.

3. Any wages payable on or after July first, nineteen hundred
sixty-three by a domestic or foreign corporation and held for a resident
by such issuing corporation or held and payable by a fiduciary other
than a broker or dealer as defined in section five hundred ten of this
chapter for a resident shall be deemed to be abandoned property, where
for three successive years:

(a) All such wages have remained unpaid to such resident, and

(b) No written communication has been received from such resident by
the holder, and

(c) Notice regarding such wages has been sent by the corporation or
fiduciary, via first class mail, to such resident at his last known
address and such notice has been returned to the corporation or
fiduciary by the postal authorities for inability to locate such
resident.

4. For the purposes of this section the holder or owner of a security
or payee of an amount or a payee of wages shall be deemed to be a
resident when the records of the corporation or fiduciary indicate that
the last known address of such holder, owner or payee is located within
this state or, if the security was issued or the amount or wages were
payable by a domestic corporation or a public corporation organized
under the laws of this state, when such records do not indicate a last
known address outside this state or when the address of such holder,
owner or payee is unknown to such corporation or public corporation or
fiduciary; or when the address of such holder, owner or payee is in a
state not having a law relating to the disposition of abandoned
property; or when the address of such holder, owner or payee is in a
foreign country.

5. Any amount, wages or security with respect to which such domestic
or foreign corporation or public corporation or fiduciary has on file
written evidence received within the period specified for determining
abandonment of such property that the person entitled to such amount or
wages or for whom such security is held had knowledge thereof shall not
be deemed abandoned property.