March 29, 1990
TO: MEMBERS - ONE PER COMPLEX NO. 14-90
ABANDONED PROPERTY TASK FORCE
RE: NEW YORK ASSEMBLY PASSES CORRECTIVE ABANDONED PROPERTY
LEGISLATION
We are pleased to inform you that today the New York
Assembly unanimously approved A.9300, the proposed amendment to
the Abandoned Property Law that requires that mail be returned
by postal authorities as an element of abandonment. The Senate
companion bill to A.9300, S.6887, is still in committee.
However, we have been advised that it is likely that the Senate
bill will be considered by the full Senate next week. If
passed by the Senate, the legislation will then be sent to
Governor Cuomo for approval.
If you have not already contacted your shareholders to ask
them to write letters in support of A.9300/S.6889, we urge you
to ask shareholders to write to Governor Cuomo in support of
this legislation. We believe that shareholder letters were
instrumental to the passage of A.9300 by the Assembly and that
they will also be important to the Governor's consideration of
the legislation.
We will keep you informed of developments.
Amy B. Rosenblum
Assistant General Counsel