N.Y. Abandoned Property Law 504 – Reimbursement for property paid or delivered
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§ 504. Reimbursement for property paid or delivered. A domestic or foreign corporation or public corporation or a fiduciary which has paid or delivered to the state comptroller abandoned property pursuant to section five hundred two may make payment to the person entitled thereto, and may file claim for reimbursement for such payment by the state comptroller, who shall, upon satisfactory proof of such payment and after audit, reimburse such domestic or foreign corporation or public corporation or fiduciary. In no event, however, shall such reimbursement exceed the amount to which the claimant is entitled pursuant to subdivision two of section fourteen hundred three of this chapter.
Terms Used In N.Y. Abandoned Property Law 504
- 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
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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. See N.Y. Abandoned Property Law 500
- 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
- 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