N.Y. Abandoned Property Law 1311 – Unclaimed moneys erroneously collected by utility corporations on account of taxes
§ 1311. Unclaimed moneys erroneously collected by utility corporations on account of taxes. 1. Any amount held or owing by a gas corporation, an electric corporation, a gas and electric corporation, a district steam corporation, a telegraph corporation, a telephone corporation, a telegraph and telephone corporation or a water works corporation which it has collected within eight years next preceding the effective date of this section, or which it shall hereafter collect, from a consumer or subscriber for or on account of any tax or assessment, or any part thereof, for which the consumer or subscriber was not legally liable, less lawful deductions, which shall have remained unclaimed by the person or persons entitled thereto for one year from the date it was so collected, shall be deemed abandoned property.
Terms Used In N.Y. Abandoned Property Law 1311
- 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. Any such abandoned property held or owing by such a corporation to which the right to receive a refund of the same is established to the satisfaction of such corporation shall cease to be deemed abandoned.
3. On or before the tenth day of October in each year, every such corporation shall pay to the state comptroller all property which, as of the first day of July next preceding, was deemed abandoned pursuant to this section, held or owing by such corporation. Such payment shall be accompanied by a true and accurate report containing such identifying information as the state comptroller may require.