§ 500 — Definitions

New York § 500

• Jurisdiction: New York
• Law ABP: Abandoned Property
• Art. 5: Unclaimed Property Held or Owing For Payment to Security Holders

Text

§ 500. Definitions. When used in this article, the following terms\nshall have the following meanings:\n 1. (a) "Corporation" shall mean any corporation (other than a public\ncorporation as defined in paragraph (b) of this subdivision), joint\nstock company, association of two or more individuals, committee,\npartnership, investment company (as defined by, and which is registered\nunder, an act of Congress of the United States entitled the "Investment\nCompany Act of 1940", as amended), unit investment trust or business\ntrust, whether or not for profit.\n (b) "Public corporation" shall mean any state and a public corporation\nas defined in section sixty-six of the general construction law, but\nshall not mean an agency or political subdivision of the United States\nor of a foreign nation.\n 2. "Security" shall mean:\n (a) Any instrument issued by a corporation or public corporation or\nany entry on the books and records of such corporation or public\ncorporation evidencing an obligation to make any payment of the\nprincipal amount of a debt or of any increment due or to become due\nthereon; or\n (b) Any instrument issued by a corporation to evidence a proprietary\ninterest therein or any intangible interest in a corporation as\nevidenced by the books and records of the corporation except:\n (i) A policy of insurance issued by a mutual insurance corporation, or\n (ii) A share issued by a savings and loan association, a building and\nloan association, or a credit union.\n For the purposes of this article, an industrial development bond or an\nindustrial revenue bond shall be deemed a security issued by a public\ncorporation.\n 3. "Domestic corporation" shall mean any corporation organized under\nthe laws of this state or under the laws of this state and one or more\nother states or foreign countries, but shall not mean a banking\norganization as defined in this chapter.\n 4. "Foreign corporation" shall mean any corporation organized under\nthe laws of a state other than New York or under the laws of a foreign\ncountry and doing business in this state or authorized to do business in\nthis state, but shall not mean a banking organization as defined in this\nchapter. "Non-authorized foreign corporation" shall mean any\ncorporation organized under the laws of a state other than New York\nwhich is neither doing business nor authorized to do business in this\nstate.\n 5. "Fiduciary" shall mean any individual or any domestic or foreign\ncorporation holding a security for a resident or receiving, as agent of\na corporation or as holder of a security, any amount due or to become\ndue a resident as the holder or owner of a security but shall not mean\nany individual or corporation so acting by direction of a court in any\ncase where such court has not directed a distribution of such amount or\nsecurity.\n 6. "Resident" shall mean:\n (a) An individual domiciled in this state;\n (b) A domestic corporation;\n (c) A banking organization, as defined in section one hundred three of\nthis chapter; and\n (d) This state and any public corporation organized under its laws.\n 7. (a) "Amount" shall include, but is not limited to, any dividend,\nprofit or other distribution, whether in cash or securities, and any\ninterest or other payment on or of principal, including the cash value\nof any security which has matured or has been called for full or partial\nredemption or is payable to security owners or former security owners\nentitled to payments as the result of a merger, consolidation,\nacquisition or conversion of any type.\n (b) An amount is deemed to be "distributable" or "payable" for the\npurposes of this article notwithstanding any requirement that a security\nor other instrument must be presented, exchanged or surrendered, or that\nan owner must affirmatively make any claim for payment, before actual\npayment of such amount may be effected.\n 8. "Wages" shall include moneys payable, under contract or otherwise,\nfor services rendered to a domestic or foreign corporation or fiduciary,\nincluding but not limited to payment of salaries, commissions,\nroyalties, expenses, employee benefits, and insurance benefits payable\nby a corporation pursuant to a self-insurance plan, less lawful\ndeductions.\n