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Can you summarize NYCL ABP?
Consolidated Laws of New York > Abandoned Property
Short Summary
The provided legal document content pertains to the repeal of certain laws and the constitutionality of this chapter. It covers various aspects related to unclaimed funds and abandoned property, including requirements for mailing notice to owners of record, authority of the state comptroller, agreements for abandoned property location services, retention of books and records, penalty and interest provisions, publication of abandoned property, payment process, filing claims, assumption of liability, and expiration of time periods. It also addresses specific types of unclaimed property, exemptions for agricultural cooperative corporations, and various entities involved in the administration and disposition of unclaimed property. No specific penalties are mentioned in the document.
Whom does it apply to?
The legal document applies to the state comptroller, agricultural cooperative corporations, sales finance companies, insurance premium finance agencies, banking organizations, utility corporations, the Department of Labor, and various entities involved in the administration and disposition of unclaimed property.
What does it govern?
The provided legal document content covers various aspects related to unclaimed funds and abandoned property. It outlines the requirements for mailing notice to owners of record for unclaimed funds, governs the authority of the state comptroller to enter into reciprocal agreements with other states for the disposition of unclaimed property, regulates agreements for abandoned property location services, addresses the retention of books and records for abandoned property reports, outlines penalty, interest, and special proceedings related to abandoned property, governs the publication of abandoned property by the state comptroller, covers the payment process by the comptroller, outlines the procedures for filing claims for abandoned property, addresses the assumption of liability by the state for abandoned property paid to the comptroller, and clarifies that the expiration of a time period specified by law does not prevent property from being deemed abandoned and does not serve as a defense against the filing of reports or the payment or delivery of abandoned property. The provided legal document content also covers various aspects of unclaimed property, including uncashed travelers checks and money orders, unclaimed moneys collected by utility corporations, voluntary disposition of miscellaneous property, unclaimed wages held by the Department of Labor, proceeds from the sale of wrecked property, unclaimed personal property of discharged, deceased, or escaped persons in specific state institutions, unclaimed property resulting from the administration of the vehicle and traffic law, unclaimed amounts or securities held by foreign corporations, miscellaneous unclaimed property, unclaimed insurance proceeds other than life insurance, unclaimed moneys resulting from the sale of pledged or mortgaged personal property, unclaimed property held by sales finance companies and insurance premium finance agencies, and unclaimed virtual currency held by banking organizations and other entities engaged in virtual currency business activity.
What are exemptions?
The document provides exemptions for certain property held by agricultural cooperative corporations.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
New York