Abandoned Property - Unclaimed Life Insurance Funds - Unclaimed and undistributed property held by superintendent of financial services, as liquidator, upon completion of proceeding


Published: 2014-09-22

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§ 705. Unclaimed and undistributed property held by superintendent of
financial services, as liquidator, upon completion of proceeding. 1.
Upon filing the final report or accounting of the superintendent of
financial services, as liquidator, closing any proceeding commenced
under article seventy-four of the insurance law, all unclaimed and
undistributed dividends and other assets of every nature and description
whatsoever, including assets of a special or trust nature, which have
been held by the liquidator for five years or more, and which the
liquidator has not been specifically directed to hold for a longer
period by supreme court order, shall be deemed abandoned property.

2. Any such abandoned property held by the superintendent of financial
services, as liquidator, to which the right to receive the same is
established as provided by law, shall cease to be deemed abandoned.