Bulletin: NY000098

Dear Associates:

In compliance with Section 1317 of the Abandoned Property Law, escrow deposits collected by title companies, their agents or representatives as an inducement to issue a title policy, which become 3 or more years old (measured from date of deposit) as of December 31 of any year, must be turned over to the State Comptroller as abandoned property unless there has been written communication from the depositor or other person claiming the deposit within the 3 year period.

This is a reminder that if your office has not already done so, a review should be conducted to identify those escrows that will become 3 years old as of December 31, 1995. If you have escrows that fall into this category, letters should be sent to those depositors advising that the escrowed funds will be turned over to the State Comptroller unless a claim in writing is made for these funds and received by your office no later than the end of November, 1995.

Should you have any questions regarding the question of escrows or the Abandoned Property Law, please contact Company Counsel.