Abandoned Property - General Provisions - Retention of books and records


Published: 2014-09-22

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
§ 1412-a. Retention of books and records. 1. Except as provided in
section five hundred thirteen-a of this chapter, every person,
co-partnership, unincorporated association or corporation required to
file a report of abandoned property pursuant to this chapter, shall
retain for a period of five years following the thirty-first day of
December of the year for which such report has been filed, all books,
records and documents necessary to establish the accuracy and
completeness of such report. The books, records and documents to be
retained pursuant to this section shall include but not be limited to
general and subsidiary ledgers; journal entry records; cash receipts and
disbursements journals; cancelled checks; bank reconciliations; trial
balances; financial statements and supporting data; claim and
confirmation letters; charts of accounts; independent auditor reports;
and copies of abandoned property reports. Such books, records and
documents so retained shall be made available to the state comptroller
upon his request in the performance of his duties under this chapter.

2. Every report of abandoned property filed pursuant to this chapter
for which supporting books, records and documents are required to be
retained for five years as provided in subdivision one above, shall be
presumed to be accurate following such five year period unless prior
thereto the comptroller has made a certification or commenced a
proceeding pursuant to subdivision three of section fourteen hundred
twelve of this chapter.

3. Property subject to this chapter which is payable or deliverable to
a payee or owner and which has remained unpaid or undelivered because
such payee or owner is unknown, cannot be located due to the lack of a
valid, present address on the records of the payor or holder, or for
other reasons, shall be recorded by year of receipt on a separate
account identifying the nature and origin of such property, maintained
in the books and records of the payor or holder. Any transfer of such
property from such separate account during the applicable periods of
inactivity specified in this chapter to precede abandonment, shall be
supported by adequate information in the books, records and documents
set forth in subdivision one of this section or in section five hundred
thirteen-a of this chapter, sufficient to establish the accuracy and
propriety of the transfer. Property which remains in such separate
accounts at the expiration of any such period of inactivity shall be
included in abandoned property reports filed with the state comptroller
pursuant to this chapter.