§ 1422. Mailing of notice to owners of record.
358 words·~2 min read·
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§ 1422. Mailing of notice to owners of record. 1. Any holder of
unclaimed funds which is not otherwise required to perform owner
notification mailings under the provisions of this chapter shall send,
not less than ninety days prior to the applicable reporting date for
such unclaimed property, a written notice by first-class mail to each
person appearing to be the owner of property listed in a report of
abandoned property required to be filed under the provisions of this
chapter, at the address of the owner as it appears on the books and
records of the holder; provided, however, that the foregoing
requirements shall not apply where
(a)the holder does not have an
address for the owner; or
(b)the holder can demonstrate that the only
address that the holder has pertaining to the owner is not the current
address of the owner.
2. Where notice is required by subdivision one of this section, each
holder shall, with respect to property listed in such report whose value
is in excess of one thousand dollars, send a second written notice to
the owner by certified mail, return receipt requested not less than
sixty days prior to the applicable reporting date for such unclaimed
property, provided that no notice pursuant to this subdivision shall be
required where:
(a)such holder has received a claim from the owner of
the property; or
(b)the original mailing was returned as undeliverable.
3. The written notice required by this section shall advise the owner
that the property to which the owner appears to be entitled will be
reported as abandoned property and will be remitted to the state
comptroller unless such property is claimed by an entitled party before
the required remittance date.
4. The failure of any holder of abandoned property to comply with the
requirements of this section shall not in any way affect the reporting
of abandoned property pursuant to the provisions of this chapter.
5. Costs paid to the postal authorities by holders of unclaimed
property to provide such written notice by certified mail, return
receipt requested, may be deducted from the property as a service
charge.