§ 1412-A — Retention of books and records

§ 1412-a. Retention of books and records. 1. Except as provided in\nsection five hundred thirteen-a of this chapter, every person,\nco-partnership, unincorporated association or corporation required to\nfile a report of abandoned property pursuant to this chapter, shall\nretain for a period of five years following the thirty-first day of\nDecember of the year for which such report has been filed, all books,\nrecords and documents necessary to establish the accuracy and\ncompleteness of such report. The books, records and documents to be\nretained pursuant to this section shall include but not be limited to\ngeneral and subsidiary ledgers; journal entry records; cash receipts and\ndisbursements journals; cancelled checks; bank reconciliations; trial\nbalances; financial statements and supporting data; claim and\nconfirmation letters; charts of accounts; independent auditor reports;\nand copies of abandoned property reports. Such books, records and\ndocuments so retained shall be made available to the state comptroller\nupon his request in the performance of his duties under this chapter.\n 2. Every report of abandoned property filed pursuant to this chapter\nfor which supporting books, records and documents are required to be\nretained for five years as provided in subdivision one above, shall be\npresumed to be accurate following such five year period unless prior\nthereto the comptroller has made a certification or commenced a\nproceeding pursuant to subdivision three of section fourteen hundred\ntwelve of this chapter.\n 3. Property subject to this chapter which is payable or deliverable to\na payee or owner and which has remained unpaid or undelivered because\nsuch payee or owner is unknown, cannot be located due to the lack of a\nvalid, present address on the records of the payor or holder, or for\nother reasons, shall be recorded by year of receipt on a separate\naccount identifying the nature and origin of such property, maintained\nin the books and records of the payor or holder. Any transfer of such\nproperty from such separate account during the applicable periods of\ninactivity specified in this chapter to precede abandonment, shall be\nsupported by adequate information in the books, records and documents\nset forth in subdivision one of this section or in section five hundred\nthirteen-a of this chapter, sufficient to establish the accuracy and\npropriety of the transfer. Property which remains in such separate\naccounts at the expiration of any such period of inactivity shall be\nincluded in abandoned property reports filed with the state comptroller\npursuant to this chapter.\n