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New York Consolidated Laws, Abandoned Property Law - ABP § 1421. Property held by rural electric cooperatives

Current as of January 01, 2024 | Updated by FindLaw Staff

1. For the purposes of this section, “rural electric cooperatives” shall include any corporation organized or qualified to do business in this state pursuant to the rural electric cooperative law.

2. Notwithstanding any other provision of this chapter to the contrary, any share of stock, credit, dividend, profit, patronage refund, distribution, interest, equity certificate, equity retain, payment, or other money or property which:

(a) is in the possession of a rural electric cooperative organized or qualified to do business in this state pursuant to the rural electric cooperative law; or

(b) evidences membership in or resulted from patronage with a rural electric cooperative or the predecessor of such cooperative; or

(c) is held for, allocated to the account of, allocated in the name of or owing by a rural electric cooperative to a member, stockholder, patron or other person; shall not be deemed abandoned property or otherwise subject to the provisions of this chapter.

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Cite this article: FindLaw.com - New York Consolidated Laws, Abandoned Property Law - ABP § 1421. Property held by rural electric cooperatives - last updated January 01, 2024 | https://codes.findlaw.com/ny/abandoned-property-law/abp-sect-1421/

Read this complete New York Consolidated Laws, Abandoned Property Law - ABP § 1421. Property held by rural electric cooperatives on Westlaw

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