Abandoned Property - Miscellaneous Unclaimed Property - Uncashed travelers checks and money orders


Published: 2014-09-22

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§ 1309. Uncashed travelers checks and money orders. 1. Any amount
held or owing by any organization other than a banking organization for
the payment of a travelers check on which such organization is directly
liable, sold by such organization on or after January first, nineteen
hundred thirty, shall be deemed abandoned property if such amount is
held or owing for payment of a travelers check which shall have been
outstanding for more than fifteen years from the date of its sale and

(a) the last known address of the person entitled to such amount as
shown on the books and records of such organization is located within
this state, or

(b) such organization is incorporated in this state and such last
known address is not shown on the books and records of such organization
and the books and records of such organization do not disclose the place
of sale of the travelers check, or

(c) such organization is incorporated in this state and such last
known address or place of sale is located in a state the laws of which
do not provide for the escheat or custodial taking of such amount, or

(d) such organization is incorporated in this state or in another
state or foreign country and such last known address is not shown on the
books and records of such organization and such books and records
disclose that the place of sale of the travelers check was in this
state.

Payment to the state comptroller pursuant to paragraph (b) of this
subdivision shall be subject to the right of any other state, the laws
of which provide for escheat or custodial taking of such amount, to
recover such amount upon proof that the last known address of the person
entitled thereto or place of sale of the travelers check was within that
other state's borders.

Payment to the state comptroller pursuant to paragraph (c) of this
subdivision shall be subject to the right of the state of last known
address to recover such amount if and when the law of the state of such
last known address makes provision for escheat or custodial taking of
such amount.

2. Any amount held or owing by any such organization for the payment
of a money order, or for the payment of any instrument drawn or issued
to effect the payment therefor, sold by such organization on or after
January first, nineteen hundred thirty shall be deemed abandoned
property when such amount has remained unpaid to the person entitled
thereto for five years and

(a) the last known address of such entitled person, according to the
records of such organization is located within this state, or

(b) such organization is incorporated in this state and such last
known address cannot be obtained from the records of such organization
and the records of such organization do not disclose the place of sale
of the money order or instrument, or

(c) such organization is incorporated in this state and such last
known address is located in a state not having in effect a statute under
which such amount is payable to such state as unclaimed, abandoned or
escheated property, or

(d) such organization is incorporated in this state or another state
or foreign country and such last known address is not shown on the
records of such organization and such records disclosed that the place
of sale of the money order or instrument was in this state.

Payment to the state comptroller pursuant to paragraph (b) of this
subdivision shall be subject to the right of any other state, the laws
of which provide for escheat or custodial taking of such amount, to
recover such amount upon proof that the last known address of the person
entitled thereto or place of sale of the money order or instrument was
within that other state's borders.

Payment to the state comptroller pursuant to paragraph (c) of this
subdivision shall be subject to the right of the state of last known
address to recover such amount if and when the law of the state of such
last known address makes provision for escheat or custodial taking of
such amount.

3. On or before the first day of June in each year commencing with the
year nineteen hundred forty-nine every such organization shall pay to
the state comptroller all property deemed abandoned pursuant to this
section. Such payment shall be accompanied by a statement setting forth
such information as the state comptroller may require.

4. Notwithstanding any other provision of law, the rights of a holder
of a travelers check or money order to payment from any such
organization shall be in no wise affected, impaired or enlarged by
reason of the provisions of this section or by reason of the payment to
the state comptroller of abandoned property hereunder, and any such
organization which has paid to the state comptroller abandoned property
held or owing for the payment of a travelers check or money order shall,
upon making payment to the person appearing to its satisfaction to be
entitled thereto and upon submitting to the state comptroller proof of
such payment and the identifying number of the travelers check or money
order so paid, be entitled to claim reimbursement from the state
comptroller of the amount so paid, and after audit the state comptroller
shall pay the same.