(c) “Amount” shall mean any amount held or owing by a company or agency which is payable
to any person or other entity as a refund or rebate pursuant to the provisions of
articles eleven-b or twelve-b of the banking law.
2. Any amount held or owing by a company or agency shall be deemed abandoned property
(a) such amount is payable to a person or other entity and,
(b) such amount, on the thirtieth day of June in any year has remained unpaid to such
person or other entity for three years.
3. In the succeeding month of October in each year, and on or before the tenth day
thereof, each company or agency holding amounts deemed abandoned pursuant to this
section shall pay the same to the state comptroller, excepting such amounts as since
the preceding thirtieth day of June have ceased to be abandoned.
4. Such payment shall be accompanied by a statement setting forth such information
as the state comptroller may require relative to such amounts.
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