New York Abandoned Property Law
Unclaimed Amounts or Securities Held by Foreign Corporations Not Authorized to Do Business in the State of New York
§ 1312. Unclaimed amounts or securities held by foreign corporations not authorized to do business in the state of New York.
1. Any amounts or securities defined as abandoned property by articles three, four, five, five-a, seven and sections thirteen hundred one, thirteen hundred thirteen, thirteen hundred fifteen and thirteen hundred sixteen of this chapter, unclaimed for the periods of time prescribed in such articles and sections and held by any corporation, banking organization, insurance company, broker or dealer, utility, joint stock association, individual engaged in the conduct of business, association of two or more individuals, committee, business trust or any other entity, whether profit or non-for-profit, chartered or organized in another state or under the laws of another state and not authorized to do business in the state of New York, which are payable to or receivable by persons whose last known addresses on the records of such corporations or enumerated organizations are located within the state of New York shall be deemed abandoned property.
2. Any such abandoned property held or owing by such a corporations or organizations to which the right to receive a refund of the same is established to the satisfaction of such corporations or organizations shall cease to be deemed abandoned.
3. Such abandoned property shall be paid or delivered to the state comptroller on the same dates and in the same manner as presently prescribed for such property by this chapter, except that publication otherwise required by this chapter shall not be applicable to property deemed abandoned by virtue of this section.