A00224 Summary:

BILL NOA00224
 
SAME ASSAME AS S02590
 
SPONSORMagnarelli
 
COSPNSRDickens, Stirpe, Rosenthal D, Gunther, Steck, Jean-Pierre, Cook, Williams, Sayegh, Cruz
 
MLTSPNSR
 
Amd §§300, 501, 511 & 700, Ab Prop L
 
Extends the term for claiming unclaimed property from three to five years.
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A00224 Actions:

BILL NOA00224
 
01/04/2023referred to ways and means
01/03/2024referred to ways and means
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A00224 Committee Votes:

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A00224 Floor Votes:

There are no votes for this bill in this legislative session.
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A00224 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A224
 
SPONSOR: Magnarelli
  TITLE OF BILL: An act to amend the abandoned property law, in relation to extending the term for claiming unclaimed property from three to five years   PURPOSE: To extend the time periods in the Abandoned Property Law for dormancy of account from three to five years.   SUMMARY OF PROVISIONS: Section 1 amends the times periods of three years to five years for section 300 of the Abandoned Property Law. Section 2 amends the times periods of three years to five years for section 501 of the Abandoned Property Law. Section 3 amends the times periods Of three years.to five years for section 511 of the Abandoned Property Law. Section 4 amends the times periods of three years to five years for section 700 of the Abandoned Property Law. Section 5 establishes the effective date.   EXISTING LAW: Currently, three years of inactivity of many accounts will cause the account to escheat to the State.   JUSTIFICATION: Federal law requires State law to set a time period past which funds from accounts may escheat to the State. Current New York State law is set at three years, the shortest period in the nation shared by only a few states. Most states provide for a five-year period before which an inactive account may be escheated. This bill would set New York law's time period to five years, providing more time for people to access old accounts and grow investment accounts for beneficiaries without having to reclaim their own money from the State.   LEGISLATIVE HISTORY: 2015-16: A.10530 2017-18: A.3266 2019-20: A.3858 2021-22: A.1290   FISCAL IMPLICATIONS: To be determined.   EFFECTIVE DATE: Immediately
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A00224 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           224
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 4, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  MAGNARELLI,  DICKENS,  STIRPE, D. ROSENTHAL,
          GUNTHER, STECK, JEAN-PIERRE, COOK, WILLIAMS, SAYEGH, CRUZ -- read once
          and referred to the Committee on Ways and Means
 
        AN ACT to amend the abandoned property law, in relation to extending the
          term for claiming unclaimed property from three to five years
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Paragraphs (a), (b), (c), (d), (e), (f), (g), (i) and (k)
     2  of subdivision 1 of section 300 of the  abandoned  property  law,  para-
     3  graphs  (a), (b) and (k) as amended by section 1 of part A of chapter 61
     4  of the laws of 2011, paragraph (c) as amended by section 5 of part T  of
     5  chapter  62  of the laws of 2006, paragraph (d) as amended by chapter 48
     6  of the laws of 1978, paragraphs (e) and (f) as amended by chapter 41  of
     7  the  laws  of  1987 and paragraphs (g) and (i) as added by chapter 15 of
     8  the laws of 1983, are amended to read as follows:
     9    (a) Any amounts due on deposits or any amounts to which a  shareholder
    10  of a savings and loan association or a credit union is entitled, held or
    11  owing by a banking organization, which shall have remained unclaimed for
    12  [three]  five  years  by  the person or persons appearing to be entitled
    13  thereto, including any interest or dividends credited thereon, excepting
    14    (i) any such amount which has been reduced or increased, exclusive  of
    15  dividend or interest payment, within [three] five years, or
    16    (ii)  any  such  amount  which is represented by a passbook not in the
    17  possession of the banking organization, which  has  been  presented  for
    18  entry of dividend or interest credit within [three] five years, or
    19    (iii)  any  such amount with respect to which the banking organization
    20  has on file written evidence received within [three] five years that the
    21  person or persons appearing to be entitled to such amounts had knowledge
    22  thereof, or
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00262-01-3

        A. 224                              2
 
     1    (iv) any such amount payable only at or by a branch office located  in
     2  a  foreign  country,  or  payable  in  currency other than United States
     3  currency, or
     4    (v)  any  such amount that is separately identifiable and has been set
     5  aside to meet the burial and related expenses of an individual, provided
     6  however that said amount shall be deemed  abandoned  property  where  it
     7  remains  unclaimed for [three] five years subsequent to the death of the
     8  individual for whom the amount was deposited.
     9    (b) Any amounts, together with all accumulations of interest or  other
    10  increment  thereon,  held  or  owing  by  a banking organization for the
    11  payment of an interest in a bond and mortgage apportioned or transferred
    12  by it pursuant to subdivision seven of former section one hundred eight-
    13  y-eight of the banking law as it existed prior to July  first,  nineteen
    14  hundred  thirty-seven, which shall have remained unclaimed by the person
    15  or persons appearing to be entitled thereto for [three] five years after
    16  the full and final liquidation of such mortgage, excepting
    17    (i) any such amount which has been reduced by payment to the person or
    18  persons appearing to be entitled thereto within [three] five years, or
    19    (ii) any such amount which is represented by a  certificate  of  share
    20  ownership  not  in  the  possession  of  the banking organization, which
    21  certificate has been presented for transfer within [three]  five  years,
    22  or
    23    (iii)  any  such amount with respect to which the banking organization
    24  has on file written evidence received within [three] five years that the
    25  person or persons appearing to be entitled to such amount had  knowledge
    26  thereof.
    27    (c) Any amount held or owing by a banking organization for the payment
    28  of a negotiable instrument under article three of the uniform commercial
    29  code  or  a  certified  check  whether  negotiable or not, on which such
    30  organization is  directly  liable,  which  instrument  shall  have  been
    31  outstanding  for more than [three] five years from the date it was paya-
    32  ble or from the date of its issuance, if payable  on  demand;  provided,
    33  however, the provisions of this paragraph shall not apply
    34    (i)  to  any  negotiable  instrument  payable  outside the continental
    35  limits of the United States, or
    36    (ii) to any instrument payable in currency other  than  United  States
    37  currency.
    38    (d) After the expiration of [three] five years from the opening of any
    39  vault,  safe  deposit  box or other receptacle by a banking organization
    40  pursuant to the provisions of the banking law, any surplus amounts aris-
    41  ing from a sale by such banking organization of  the  contents  of  such
    42  vault,  safe  deposit box or other receptacle pursuant to the provisions
    43  of the banking law, the balance remaining of any United States  coin  or
    44  currency  among  the  contents  of such vault, safe deposit box or other
    45  receptacle and the balance remaining of the proceeds of the principal of
    46  or interest or dividends on any securities among the  contents  of  such
    47  vault, safe deposit box or other receptacle or the securities themselves
    48  which have remained unsold by the banking organization.
    49    (e)  Any  amount  or security representing a dividend or other payment
    50  received (i) after June thirtieth, nineteen hundred forty, by a  banking
    51  organization  or its nominee as the record holder of any stock, bond, or
    52  other security of any corporation, association or joint stock company to
    53  which amount or security an unknown person (except a person entitled  to
    54  such  dividend  or other payment upon the surrender of other outstanding
    55  securities) is entitled or (ii) on or after July first, nineteen hundred
    56  seventy-four by a banking organization or its nominee other  than  as  a

        A. 224                              3
 
     1  holder  of record or as holder of record for known persons on any stock,
     2  bond or other security of any corporation, association  or  joint  stock
     3  company or (iii) on or after July first, nineteen hundred eighty-four by
     4  a banking organization or its nominee on any stock, bond, or other secu-
     5  rity  of  a  governmental  or  other public issuer, (1) which shall have
     6  remained unclaimed by the person entitled thereto for [three] five years
     7  after receipt thereof by such banking organization or  its  nominee,  or
     8  (2)  when  the  stock, bond or other security with respect to which such
     9  amount or security representing a dividend or other payment  is  payable
    10  has been deemed abandoned.
    11    (f)  Except  as  provided  in  paragraph  (e) of this subdivision, any
    12  stock, bond or other security of any corporation, association  or  joint
    13  stock  company  received on or after July first, nineteen hundred seven-
    14  ty-seven or any stock, bond or other security  of  any  governmental  or
    15  other  public  issuer  received on or after July first, nineteen hundred
    16  eighty-four by a banking organization or its nominee and  held  by  such
    17  banking  organization  or  its  nominee  (1) as holder of record of such
    18  stock, bond or other security, or (2) as custodian, trustee or fiduciary
    19  for a person other than the issuer with respect to such stock,  bond  or
    20  other  security,  or  (3)  for  unknown  persons where, for [three] five
    21  successive years, (i) all amounts payable upon such  stocks,  bonds,  or
    22  other  securities of any corporation, association or joint stock company
    23  and received by such banking organization or its  nominee  on  or  after
    24  July  first,  nineteen hundred seventy-seven or all amounts payable upon
    25  such stocks, bonds, or other securities of  any  governmental  or  other
    26  public  issuer  and received by such banking organization or its nominee
    27  on or after July  first,  nineteen  hundred  eighty-four  have  remained
    28  unclaimed  by  the person entitled thereto, and (ii) no written communi-
    29  cation concerning such stock, bond or other security has  been  received
    30  from  the  person  entitled  thereto by such banking organization or its
    31  nominee.
    32    (g) Any stock, bond, or other security held by a banking  organization
    33  in  any  vault  or  other storage area in any capacity other than as set
    34  forth in paragraphs (d), (e) or  (f)  of  this  subdivision  where,  for
    35  [three]  five  successive years, (i) such stock, bond, or other security
    36  has remained unclaimed by the person entitled thereto, and (ii) no writ-
    37  ten communication concerning such stock, bond or other security has been
    38  received from the person entitled thereto by such banking organization.
    39    (i) Any amount or security which shall have become payable or deliver-
    40  able by a banking organization, as agent or trustee for  a  corporation,
    41  association  or  joint  stock  company which shall have discontinued the
    42  conduct of its business, or the corporate existence of which shall  have
    43  terminated,  without the right to receive such amount having passed to a
    44  successor or successors, and which shall have remained unpaid  or  unde-
    45  livered  to  the  person  or  persons  entitled thereto for [three] five
    46  years.
    47    (k) Lost property or instruments as defined  in  section  two  hundred
    48  fifty-one  of  the personal property law which shall have been held by a
    49  safe deposit company or bank for [three]  five  years  pursuant  to  the
    50  provisions  of  section  two  hundred fifty-six of the personal property
    51  law.
    52    § 2. Subdivisions 1, 2 and 3 of section 501 of the abandoned  property
    53  law,  subdivisions  1 and 2 as added by chapter 166 of the laws of 1991,
    54  paragraph (b) of subdivision 1 as amended by section  2  of  part  T  of
    55  chapter  62  of  the  laws  of  2006,  paragraph (a) of subdivision 2 as
    56  amended by section 3 of part T of  chapter  62  of  the  laws  of  2006,

        A. 224                              4
 
     1  subparagraph (i) of paragraph (b) of subdivision 2 as amended by section
     2  4  of  part  T  of  chapter  62 of the laws of 2006 and subdivision 3 as
     3  amended by chapter 61 of the laws  of  1989,  are  amended  to  read  as
     4  follows:
     5    1.  (a)  Any amount which, on or after January first, nineteen hundred
     6  forty-seven, shall have become payable or distributable by  a  domestic,
     7  foreign  or  public  corporation  or by a fiduciary to a resident as the
     8  owner or former owner of a security  as  defined  in  paragraph  (a)  of
     9  subdivision two of section five hundred of this article, shall be deemed
    10  abandoned when the security with respect to which such amount is payable
    11  or distributable has been deemed abandoned, or when such amount:
    12    (i)  is  payable  or  distributable  to  such resident as the owner or
    13  former owner of such security; and
    14    (ii) has, on the thirty-first day of December in  any  year,  remained
    15  unpaid  to  or  unclaimed  by such resident for a period of [three] five
    16  years. For the purposes of this article, a security as defined in  para-
    17  graph  (a)  of  subdivision  two of section five hundred of this article
    18  shall not be deemed abandoned until a period of [three] five  years  has
    19  elapsed  from  the  earlier of the maturity date of such security or the
    20  date such security has been called for redemption.
    21    (b) Any amount which, on or  after  January  first,  nineteen  hundred
    22  forty-seven  shall have become payable or distributable by a domestic or
    23  foreign corporation or a fiduciary to a resident as the owner or  former
    24  owner  of  a  security as defined in paragraph (b) of subdivision two of
    25  section five hundred of this article, shall be deemed abandoned when the
    26  security with respect to which such amount is payable  or  distributable
    27  has been deemed abandoned or when such amount:
    28    (i)  is  payable  or  distributable  to  such resident as the owner or
    29  former owner of such security; and
    30    (ii) has, on the thirty-first day of December in  any  year,  remained
    31  unpaid  to  or  unclaimed  by such resident for a period of [three] five
    32  years.
    33    2. (a) Except as provided in paragraph (b) of  this  subdivision,  any
    34  security, as defined in paragraph (b) of subdivision two of section five
    35  hundred  of  this article, of any domestic corporation or foreign corpo-
    36  ration owned by or formerly owned by a resident shall  be  deemed  aban-
    37  doned where, for [three] five successive years:
    38    (i)  all  amounts,  if  any,  payable or distributable thereon or with
    39  respect thereto have remained unpaid to or unclaimed by  such  resident,
    40  and
    41    (ii)  no written communication has been received from such resident by
    42  the holder.
    43    (b) (i) Any security, as defined in paragraph (b) of  subdivision  two
    44  of  section  five  hundred  of  this article, of any domestic or foreign
    45  corporation in which a resident has an ownership interest and  which  is
    46  enrolled in a plan that provides for the automatic reinvestment of divi-
    47  dends, distributions, or other sums payable as the result of such inter-
    48  est  shall  be deemed abandoned when any security owned by such resident
    49  which is not enrolled in the plan has been deemed abandoned pursuant  to
    50  paragraph  (a)  of this subdivision or when, for [three] five successive
    51  years:
    52    (1) all amounts, if any, payable thereon or with respect thereto  have
    53  remained unpaid to or unclaimed by such resident, and
    54    (2)  no  written communication has been received from such resident by
    55  the holder, and

        A. 224                              5
 
     1    (3) the holder does not know the location of such resident at the  end
     2  of such [three] five year period.
     3    (ii) For purposes of this paragraph, the reinvestment of any dividend,
     4  distribution  or other sum payable shall not be considered as payment of
     5  an amount for the purpose of extending the statutory period of  inactiv-
     6  ity  after the expiration of which securities enrolled in a reinvestment
     7  plan are deemed abandoned.
     8    (iii) Any corporation or fiduciary holding or evidencing on its  books
     9  and  records securities enrolled in a reinvestment plan shall notify the
    10  apparent owner by certified mail that such securities will be  delivered
    11  to  the  state  comptroller  as  abandoned  property,  pursuant  to  the
    12  provisions of section five hundred two  of  this  article,  unless  such
    13  corporation  or fiduciary receives written communication from the appar-
    14  ent owner of such securities indicating  knowledge  of  such  securities
    15  prior  to  the date that such securities are required to be delivered to
    16  the state comptroller. Such letter  by  certified  mail  shall  be  sent
    17  during  the calendar year prior to the year in which such property would
    18  be required to be delivered to the state comptroller, but no later  than
    19  the  thirty-first  day  of  December  of such year. For purposes of this
    20  subdivision, a signed return receipt shall constitute  written  communi-
    21  cation received by the holder from the apparent owner.
    22    (iv)  All  corporations  or  fiduciaries  holding or evidencing on its
    23  books and records securities  enrolled  in  a  reinvestment  plan  shall
    24  retain,  for  a  period  of five years following the thirty-first day of
    25  December of the year for which a report of abandoned property  has  been
    26  filed,  a  list  of  (1)  the  dates and nature of any and all corporate
    27  notices which have been sent via first class  mail  to  owners  of  such
    28  securities  during  the period to which such report relates, and (2) the
    29  names and addresses of all owners of such  securities  for  whom  postal
    30  authorities have returned any first class mail sent by the holder during
    31  the  period  to  which  such report relates, and the dates on which such
    32  mail was returned for each such owner. Nothing contained  herein  or  in
    33  any  other  provision  of  this  chapter  shall preclude the state comp-
    34  troller, in the performance of his duties under this chapter, from veri-
    35  fying that all such notices have been  sent  and  whether  or  not  such
    36  notices have been returned to the holder by the postal authorities.
    37    3.  Any  wages payable on or after July first, nineteen hundred sixty-
    38  three by a domestic or foreign corporation and held for  a  resident  by
    39  such issuing corporation or held and payable by a fiduciary other than a
    40  broker  or dealer as defined in section five hundred ten of this chapter
    41  for a resident shall be deemed  to  be  abandoned  property,  where  for
    42  [three] five successive years:
    43    (a) All such wages have remained unpaid to such resident, and
    44    (b)  No  written communication has been received from such resident by
    45  the holder, and
    46    (c) Notice regarding such wages has been sent by  the  corporation  or
    47  fiduciary,  via  first  class  mail,  to such resident at his last known
    48  address and such notice has been returned to the corporation or  fiduci-
    49  ary by the postal authorities for inability to locate such resident.
    50    §  3.  Subdivisions  1, 1-a, 2, 3, 4 and 5 of section 511 of the aban-
    51  doned property law, subdivisions 1, 2, 3 and 4 as amended by chapter 617
    52  of the laws of 1973 and subdivisions 1-a and 5 as amended by chapter 767
    53  of the laws of 1983, are amended to read as follows:
    54    1. Any amount (a) received in this state after June  thirtieth,  nine-
    55  teen  hundred  forty-six by a broker or dealer or nominee of such broker
    56  or dealer as the holder of record of a security remaining unpaid to  the

        A. 224                              6
 
     1  person  entitled  thereto  for  [three] five years following the receipt
     2  thereof, or (b) when paid to such broker, dealer or nominee on  or  with
     3  respect to a security which has been deemed abandoned.
     4    1-a.  Any  amount  (a)  received in this state on or after July first,
     5  nineteen hundred seventy-four by a broker or dealer or nominee  of  such
     6  broker  or  dealer  other  than  as  the  holder of record of a security
     7  remaining unpaid to the person entitled thereto for [three]  five  years
     8  following  the  receipt thereof, or (b) when paid to such broker, dealer
     9  or nominee on or with respect to a security which has been deemed  aban-
    10  doned.
    11    2.  Any  amount (a) received in this state after June thirtieth, nine-
    12  teen hundred forty-six due from a broker or dealer or  nominee  of  such
    13  broker or dealer to a customer which has remained unpaid to the customer
    14  for  [three] five years after the date of the last entry, other than the
    15  receipt of dividends or interest in the account of such  broker,  dealer
    16  or  nominee  with  such customer, or (b) payable on or with respect to a
    17  security which has been deemed abandoned.
    18    3. Any security held in this state by a broker or dealer,  or  nominee
    19  of  such  broker  or dealer, as the holder of record of a security for a
    20  customer or for a person or persons unknown to such broker or dealer  or
    21  nominee where, for [three] five successive years, all amounts paid ther-
    22  eon  or with respect thereto and received after June thirtieth, nineteen
    23  hundred forty-six by such broker or  dealer  or  nominee  have  remained
    24  unclaimed.   Provided, however, that if any amount or security specified
    25  in this subdivision or subdivision one[,] or subdivision two [or  three]
    26  of  this  section is reflected, recorded, or included in an account with
    27  respect to which such broker or dealer has on file evidence  in  writing
    28  received  within  the [three] five years immediately preceding the thir-
    29  ty-first day of December preceding the  date  such  amount  or  security
    30  would  otherwise  be  payable  or  deliverable  pursuant to section five
    31  hundred twelve of this article that  the  person  entitled  thereto  had
    32  knowledge  of  such  account,  then such amount or security shall not be
    33  deemed abandoned property.
    34    4. Any security held by a broker or dealer or nominee of  such  broker
    35  or dealer reflected, recorded, or included in an account with respect to
    36  which,  for  [three] five successive years, all statements of account or
    37  other communications which have been sent, via first class mail, to  the
    38  customer  at  his  last known address have been returned to such broker,
    39  dealer or nominee by the postal authorities for inability to locate  the
    40  customer,  and  no  written  communication  has  been  received from the
    41  customer by such broker, dealer or nominee, provided such  security  was
    42  received  or  is held in this state by such broker, dealer or nominee or
    43  the last known address of the customer is located in this state.
    44    5. Any wages held and payable on or after July first, nineteen hundred
    45  sixty-six by a broker or dealer, as defined in section five hundred  ten
    46  of  this  article,  for  the  benefit  of  a person or persons, known or
    47  unknown shall be deemed to be abandoned property, where for [three] five
    48  successive years:
    49    (a) All such wages have remained unpaid to such person, and
    50    (b) No written communication has been received from such person by the
    51  holder, and
    52    (c) Notice regarding such wages, if sent by the broker or dealer,  via
    53  first  class  mail,  to  such  person at his last known address has been
    54  returned to the broker or dealer by the postal authorities for inability
    55  to locate such person.

        A. 224                              7
 
     1    § 4. Subdivision 1 of section 700 of the abandoned  property  law,  as
     2  amended  by  chapter  695 of the laws of 1964, paragraphs (a) and (c) as
     3  amended by chapter 78 of the laws of 1976, paragraph (b) as  amended  by
     4  section 13 of part A of chapter 61 of the laws of 2011, paragraph (d) as
     5  amended  by  chapter  767 of the laws of 1983 and paragraph (e) as added
     6  and paragraph (f) as amended by chapter 61  of  the  laws  of  1989,  is
     7  amended to read as follows:
     8    1.  The  following  unclaimed property held or owing by life insurance
     9  corporations shall be deemed abandoned property:
    10    (a) Any moneys held or owing by any life insurance  corporation  which
    11  shall  have  remained  unclaimed for [three] five years by the person or
    12  persons appearing to be entitled thereto under  matured  life  insurance
    13  policies on the endowment plan and which are payable to any person whose
    14  last-known  address,  according  to  the  records of the corporation, is
    15  within this state.
    16    (b) Any moneys held or owing by any life insurance  corporation  which
    17  are  payable  under other kinds of life insurance policies to any person
    18  whose last-known address, according to the records of  the  corporation,
    19  is  within this state, where the insured, if living, would have attained
    20  the limiting age under the mortality table on  which  the  reserves  are
    21  based, exclusive of
    22    (i)  any  policy  which  has  within [three] five years been assigned,
    23  readjusted, kept in force by payment of premium, reinstated or subjected
    24  to loan, or
    25    (ii) any policy with respect to which such  corporation  has  on  file
    26  written  evidence  received within [three] five years that the person or
    27  persons apparently entitled to claim thereunder have knowledge thereof.
    28    (c) Any moneys held or owing by any life insurance corporation due  to
    29  beneficiaries  or  other  persons entitled thereto under policies on the
    30  lives of persons who have died where the last-known  address,  according
    31  to the records of the corporation, of the person or persons appearing to
    32  be  entitled  thereto  is  within  this  state,  which moneys shall have
    33  remained unclaimed by the person or persons entitled thereto for [three]
    34  five years.
    35    (d) Any other moneys which are held or owing  by  any  life  insurance
    36  corporation on or after July first, nineteen hundred sixty-seven consti-
    37  tuting  or  representing  refunds  of any kind due upon or in connection
    38  with life insurance policies payable to  any  person  whose  last  known
    39  address,  according  to  the  records of the corporation, is within this
    40  state, which moneys shall have remained unclaimed by the person entitled
    41  thereto for [three] five years.
    42    (e) Any moneys held or owing by any life insurance corporation  on  or
    43  after  July  first,  nineteen hundred eighty-three upon or in connection
    44  with an annuity contract payable to any person whose last-known address,
    45  according to the records of the corporation, is within this state, which
    46  moneys shall have remained unclaimed by the person entitled thereto  for
    47  [three] five years.
    48    (f) If no address of the person or persons appearing to be entitled to
    49  the  unclaimed  funds pursuant to paragraph (a), (b), (c), (d) or (e) of
    50  this subdivision is known to such corporation, or if it is not  definite
    51  and certain from the records of such corporation what person is entitled
    52  to  such  funds, it shall be presumed that the last-known address of the
    53  person entitled to such funds is the same as the last-known  address  of
    54  the  insured  or annuitant according to the records of such corporation.
    55  Where no address can be ascertained, pursuant to this paragraph, for the
    56  insured, annuitant or person or persons entitled to the unclaimed funds,

        A. 224                              8
 
     1  such person's last-known address shall be presumed  to  be  within  this
     2  state  if the unclaimed funds are held or owing by life insurance corpo-
     3  ration organized under the laws of this state.
     4    § 5. This act shall take effect immediately.
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