§ 501. Unclaimed property; when deemed abandoned. 1. (a) Any amount\nwhich, on or after January first, nineteen hundred forty-seven, shall\nhave become payable or distributable by a domestic, foreign or public\ncorporation or by a fiduciary to a resident as the owner or former owner\nof a security as defined in paragraph (a) of subdivision two of section\nfive hundred of this article, shall be deemed abandoned when the\nsecurity with respect to which such amount is payable or distributable\nhas been deemed abandoned, or when such amount:\n (i) is payable or distributable to such resident as the owner or\nformer owner of such security; and\n (ii) has, on the thirty-first day of December in any year, remained\nunpaid to or unclaimed by such resident for a period of three years. For\nthe purposes of this article, a security as defined in paragraph (a) of\nsubdivision two of section five hundred of this article shall not be\ndeemed abandoned until a period of three years has elapsed from the\nearlier of the maturity date of such security or the date such security\nhas been called for redemption.\n (b) Any amount which, on or after January first, nineteen hundred\nforty-seven shall have become payable or distributable by a domestic or\nforeign corporation or a fiduciary to a resident as the owner or former\nowner of a security as defined in paragraph (b) of subdivision two of\nsection five hundred of this article, shall be deemed abandoned when the\nsecurity with respect to which such amount is payable or distributable\nhas been deemed abandoned or when such amount:\n (i) is payable or distributable to such resident as the owner or\nformer owner of such security; and\n (ii) has, on the thirty-first day of December in any year, remained\nunpaid to or unclaimed by such resident for a period of three years.\n 2. (a) Except as provided in paragraph (b) of this subdivision, any\nsecurity, as defined in paragraph (b) of subdivision two of section five\nhundred of this article, of any domestic corporation or foreign\ncorporation owned by or formerly owned by a resident shall be deemed\nabandoned where, for three successive years:\n (i) all amounts, if any, payable or distributable thereon or with\nrespect thereto have remained unpaid to or unclaimed by such resident,\nand\n (ii) no written communication has been received from such resident by\nthe holder.\n (b) (i) Any security, as defined in paragraph (b) of subdivision two\nof section five hundred of this article, of any domestic or foreign\ncorporation in which a resident has an ownership interest and which is\nenrolled in a plan that provides for the automatic reinvestment of\ndividends, distributions, or other sums payable as the result of such\ninterest shall be deemed abandoned when any security owned by such\nresident which is not enrolled in the plan has been deemed abandoned\npursuant to paragraph (a) of this subdivision or when, for three\nsuccessive years:\n (1) all amounts, if any, payable thereon or with respect thereto have\nremained unpaid to or unclaimed by such resident, and\n (2) no written communication has been received from such resident by\nthe holder, and\n (3) the holder does not know the location of such resident at the end\nof such three year period.\n (ii) For purposes of this paragraph, the reinvestment of any dividend,\ndistribution or other sum payable shall not be considered as payment of\nan amount for the purpose of extending the statutory period of\ninactivity after the expiration of which securities enrolled in a\nreinvestment plan are deemed abandoned.\n (iii) Any corporation or fiduciary holding or evidencing on its books\nand records securities enrolled in a reinvestment plan shall notify the\napparent owner by certified mail that such securities will be delivered\nto the state comptroller as abandoned property, pursuant to the\nprovisions of section five hundred two of this article, unless such\ncorporation or fiduciary receives writte
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