N.Y. Abandoned Property Law 703 – Payment of abandoned property
§ 703. Payment of abandoned property. 1. In such succeeding month of September, and on or before the succeeding tenth day thereof, every such life insurance corporation shall pay to the state comptroller all property which, as of the first day of January next preceding, was deemed abandoned pursuant to section seven hundred of this article, held or owing by such life insurance corporation.
Terms Used In N.Y. Abandoned Property Law 703
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
2. Such payment shall be accompanied by a true and accurate report setting forth such information as the state comptroller may require relative to such abandoned property including:
(a) the name and last known address of any person or persons appearing from the records of such life insurance corporation to be entitled to receive any such abandoned property;
(b) the amount appearing from the records of such corporation to be due;
(c) the policy number and policy age of the insured;
(d) the date such abandoned property was payable;
(e) the names and last known addresses of each beneficiary appearing in the records of the insurer; and
(f) such other identifying information as the state comptroller may require.
3. Such report shall be in such form and the abandoned property listed shall be classified in such manner as the state comptroller may prescribe. Names of persons appearing to be entitled to such property or of beneficiaries appearing in such report shall be listed in alphabetical order within each such classification.