N.Y. Abandoned Property Law 500 – Definitions
§ 500. Definitions. When used in this article, the following terms shall have the following meanings:
Terms Used In N.Y. Abandoned Property Law 500
- Amount: shall include , but is not limited to, any dividend, profit or other distribution, whether in cash or securities, and any interest or other payment on or of principal, including the cash value of any security which has matured or has been called for full or partial redemption or is payable to security owners or former security owners entitled to payments as the result of a merger, consolidation, acquisition or conversion of any type. See N.Y. Abandoned Property Law 500
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Corporation: shall mean any corporation (other than a public corporation as defined in paragraph (b) of this subdivision), joint stock company, association of two or more individuals, committee, partnership, investment company (as defined by, and which is registered under, an act of Congress of the United States entitled the "Investment Company Act of 1940" as amended), unit investment trust or business trust, whether or not for profit. See N.Y. Abandoned Property Law 500
- Domestic corporation: shall mean any corporation organized under the laws of this state or under the laws of this state and one or more other states or foreign countries, but shall not mean a banking organization as defined in this chapter. See N.Y. Abandoned Property Law 500
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Foreign corporation: shall mean any corporation organized under the laws of a state other than New York or under the laws of a foreign country and doing business in this state or authorized to do business in this state, but shall not mean a banking organization as defined in this chapter. See N.Y. Abandoned Property Law 500
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Public corporation: shall mean any state and a public corporation as defined in § 66 of the general construction law, but shall not mean an agency or political subdivision of the United States or of a foreign nation. See N.Y. Abandoned Property Law 500
- Resident: shall mean :
(a) An individual domiciled in this state;
(b) A domestic corporation;
(c) A banking organization, as defined in section one hundred three of this chapter; and
(d) This state and any public corporation organized under its laws. See N.Y. Abandoned Property Law 500 - Security: shall mean :
(a) Any instrument issued by a corporation or public corporation or any entry on the books and records of such corporation or public corporation evidencing an obligation to make any payment of the principal amount of a debt or of any increment due or to become due thereon; or
(b) Any instrument issued by a corporation to evidence a proprietary interest therein or any intangible interest in a corporation as evidenced by the books and records of the corporation except:
(i) A policy of insurance issued by a mutual insurance corporation, or
(ii) A share issued by a savings and loan association, a building and loan association, or a credit union. See N.Y. Abandoned Property Law 500
1. (a) "Corporation" shall mean any corporation (other than a public corporation as defined in paragraph (b) of this subdivision), joint stock company, association of two or more individuals, committee, partnership, investment company (as defined by, and which is registered under, an act of Congress of the United States entitled the "Investment Company Act of 1940", as amended), unit investment trust or business trust, whether or not for profit.
(b) "Public corporation" shall mean any state and a public corporation as defined in § 66 of the general construction law, but shall not mean an agency or political subdivision of the United States or of a foreign nation.
2. "Security" shall mean:
(a) Any instrument issued by a corporation or public corporation or any entry on the books and records of such corporation or public corporation evidencing an obligation to make any payment of the principal amount of a debt or of any increment due or to become due thereon; or
(b) Any instrument issued by a corporation to evidence a proprietary interest therein or any intangible interest in a corporation as evidenced by the books and records of the corporation except:
(i) A policy of insurance issued by a mutual insurance corporation, or
(ii) A share issued by a savings and loan association, a building and loan association, or a credit union.
For the purposes of this article, an industrial development bond or an industrial revenue bond shall be deemed a security issued by a public corporation.
3. "Domestic corporation" shall mean any corporation organized under the laws of this state or under the laws of this state and one or more other states or foreign countries, but shall not mean a banking organization as defined in this chapter.
4. "Foreign corporation" shall mean any corporation organized under the laws of a state other than New York or under the laws of a foreign country and doing business in this state or authorized to do business in this state, but shall not mean a banking organization as defined in this chapter. "Non-authorized foreign corporation" shall mean any corporation organized under the laws of a state other than New York which is neither doing business nor authorized to do business in this state.
5. "Fiduciary" shall mean any individual or any domestic or foreign corporation holding a security for a resident or receiving, as agent of a corporation or as holder of a security, any amount due or to become due a resident as the holder or owner of a security but shall not mean any individual or corporation so acting by direction of a court in any case where such court has not directed a distribution of such amount or security.
6. "Resident" shall mean:
(a) An individual domiciled in this state;
(b) A domestic corporation;
(c) A banking organization, as defined in section one hundred three of this chapter; and
(d) This state and any public corporation organized under its laws.
7. (a) "Amount" shall include, but is not limited to, any dividend, profit or other distribution, whether in cash or securities, and any interest or other payment on or of principal, including the cash value of any security which has matured or has been called for full or partial redemption or is payable to security owners or former security owners entitled to payments as the result of a merger, consolidation, acquisition or conversion of any type.
(b) An amount is deemed to be "distributable" or "payable" for the purposes of this article notwithstanding any requirement that a security or other instrument must be presented, exchanged or surrendered, or that an owner must affirmatively make any claim for payment, before actual payment of such amount may be effected.
8. "Wages" shall include moneys payable, under contract or otherwise, for services rendered to a domestic or foreign corporation or fiduciary, including but not limited to payment of salaries, commissions, royalties, expenses, employee benefits, and insurance benefits payable by a corporation pursuant to a self-insurance plan, less lawful deductions.