Abandoned Property - Unclaimed Property Held By Brokers - Report to accompany payment or delivery


Published: 2014-09-22

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§ 513. Report to accompany payment or delivery. A payment or delivery
pursuant to section five hundred twelve shall be accompanied by a
written report, affirmed as true and accurate under penalty of perjury,
in such form as the state comptroller may prescribe, setting forth:

1. With reference to any amount specified in subdivision one of
section five hundred eleven,

(a) A description of the security,

(b) The number of shares represented or the face amount of the
security,

(c) The date the dividend or interest was payable, and

(d) Such other information as the state comptroller may require.

2. With reference to any amount specified in subdivision two of
section five hundred eleven,

(a) The name and last known address, if any, of the customer entitled
to such amount,

(b) The date of the last entry, other than the credit of interest or
dividends, in the account in which such amount is reflected, recorded or
included, and

(c) Such other information as the state comptroller may require.

3. With reference to any security specified in subdivision three or
four of section five hundred eleven,

(a) A description of the abandoned security,

(b) The number of shares represented or the face amount of the
security,

(c) The name and last known address, if any, of the person appearing
to be entitled to such abandoned property, and

(d) Such other information as the state comptroller may require.

4. In case any broker or dealer determines the property which shall be
deemed abandoned property pursuant to subdivisions one and three of
section five hundred eleven by the method provided in subdivision six of
that section, the payment of such abandoned property shall be
accompanied by a written report, affirmed as true and accurate under
penalty of perjury, in such form as the state comptroller may prescribe,
which, among other things, shall set forth the computation of the
average factor of such broker or dealer pursuant to subdivision six of
section five hundred eleven. Each written report accompanying the
payment of abandoned property determined pursuant to subdivision six of
section five hundred eleven shall contain an undertaking by the broker
or dealer making such payment to honor all claims to the extent herein
provided whenever made against such broker or dealer by any person
determined by him or proved to be entitled to receive from him a stock
or cash dividend received in this state during the calendar year covered
by such report as the holder of record of a security or an interest
payment on a security received in this state during such year. Such
undertaking shall obligate the broker or dealer to honor any such claim
provided that the payment of abandoned property relating to the year in
question determined pursuant to subdivision six of section five hundred
eleven made by such broker or dealer to the state comptroller has been
exhausted as a result of reimbursements by the state comptroller to the
broker or dealer or to other persons claiming such abandoned property as
provided in subdivision two of section five hundred fourteen. To the
extent related to any stock dividend, any such claim shall not exceed
the fair market value of such stock dividend on the thirty-first day of
December of the year in which such stock dividend was deemed abandoned
property.