N.Y. Abandoned Property Law 304 – Unclaimed property held by the superintendent of financial services after liquidation
§ 304. Unclaimed property held by the superintendent of financial services after liquidation. 1. All amounts held by the superintendent of financial services as trustee for the owners thereof after the completion of the voluntary or involuntary liquidation of the business and property of any banking organization or of the business and property in this state of any foreign banking corporation, as provided in § 30 of the banking law, which shall not have been claimed and paid within four years after receipt by the superintendent shall be deemed abandoned property.
Terms Used In N.Y. Abandoned Property Law 304
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trustee: A person or institution holding and administering property in trust.
2. Any such abandoned property held by the superintendent of financial services to which the right to receive the same is established as provided in § 31 of the banking law shall cease to be deemed abandoned.