Sentences with phrase «called escheatment»
Under the law, corporations, banks, insurance companies, brokerages and other businesses in New York are required to transfer abandoned money or securities to the state comptroller's Office of Unclaimed Funds under a process called escheatment (a word with origins in English feudal law).
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These fees cover costs for delivering client statements, confirmations, tax forms, prospectuses, proxies and other shareholder related back office processes such as recordkeeping, escheatment, and call - center support.