§ 1317. Unclaimed security deposits held by the title insurance\ncompanies.
1.Any amount held or owing by a domestic or foreign title\ninsurer or by an agent or representative of such insurer as a security\ndeposit, relating to the transfer or financing of real property located\nin this state, made as an inducement to issue a title insurance policy\nshall be deemed abandoned property if unclaimed as of December\nthirty-first in any year for three years from the date of deposit,\nunless there has been written communication from the depositor or other\nperson entitled thereto to the insurer to its agent or representative\nwithin said three-year period.\n 2. Any such property deemed abandoned as of the preceding December\nthirty-first shall be paid and delivered to the comptroller within
Free access — add to your briefcase to read the full text and ask questions with AI
§ 1317. Unclaimed security deposits held by the title insurance\ncompanies. 1. Any amount held or owing by a domestic or foreign title\ninsurer or by an agent or representative of such insurer as a security\ndeposit, relating to the transfer or financing of real property located\nin this state, made as an inducement to issue a title insurance policy\nshall be deemed abandoned property if unclaimed as of December\nthirty-first in any year for three years from the date of deposit,\nunless there has been written communication from the depositor or other\nperson entitled thereto to the insurer to its agent or representative\nwithin said three-year period.\n 2. Any such property deemed abandoned as of the preceding December\nthirty-first shall be paid and delivered to the comptroller within the\nfirst ten days of March in each year, together with a report of said\nproperty, including a listing of depositors and lienholders, in such\nform as the comptroller may prescribe.\n 3. The title insurer or its agent or representative shall retain\nrecords of the names and addresses of the depositors and lienholders,\nand any records necessary to show proof of entitlement of such deposits.\n 4. Notwithstanding any other provision of law to the contrary, the\nrights of a depositor to payment from a title insurer or its agent or\nrepresentative pursuant to a security deposit agreement and the\nobligations of such insurer its agent or representative to fulfill the\nrequirements specified in any such agreement shall in no way be\naffected, impaired or enlarged by reason of the provisions of this\nsection or by reason of the payment or delivery to the comptroller of\nabandoned property hereunder. Claim for reimbursement may be filed with\nthe comptroller by any title insurer or its agent or representative who\nmay be required to pay or deliver any abandoned property to the\ncomptroller pursuant to this section.\n 5. The comptroller may require proof that the title insurer has made\npayment on the underlying claim under the terms of the security deposit\nagreement and is entitled to reimbursement therefor and after audit the\ncomptroller shall pay the same.\n 6. The comptroller shall not be liable for any action by the\ncomptroller made in good faith or based upon representations made by a\ntitle insurer pursuant to this section.\n