N.Y. ABP Law § 1403 — New York Code / Act ABP / Article 14 / Section 1403
Sale of personal property by state comptroller
Status: in_force

§ 1403. Sale of personal property by state comptroller.  1.  Except as\nprovided in subdivision one-a of this section, all abandoned property,\nother than money, heretofore paid to the state shall, prior to October\nfirst, nineteen hundred forty-five, be sold by the state comptroller,\nand all abandoned property, other than money and securities, delivered\nto the state comptroller pursuant to this chapter, shall within fifteen\nmonths after such delivery be sold by him, at public auction to the\nhighest bidder, except such property as in his opinion is valueless or\nof such little value that the cost of sale would exceed the probable\nproceeds therefrom. Securities shall be sold by the state comptroller on\nany established stock exchange or by such other means as the comptroller\nshall deem advisable within fifteen months after their delivery to him\npursuant to this chapter.\n  1-a. Where securities are delivered to the state comptroller pursuant\nto this chapter on or after November first, nineteen hundred ninety-one,\nor pursuant to any report of abandoned property which is required to be\nmade on or after November first, nineteen hundred ninety-one, the\ncomptroller shall sell such securities on any established stock exchange\nor by such other means as the comptroller shall deem advisable as soon\nas he may in his discretion deem practicable after their delivery to\nhim.\n  2.  Except as provided in subdivision two-a of this section, the\nproceeds from the sale of any such abandoned property, less all costs\nincurred in connection with such sale, shall be deposited by the state\ncomptroller in the abandoned property fund and any claimant for\nabandoned property shall be entitled only to the money so received and\ndeposited.\n  2-a. Any rightful owner of securities which are delivered to the\ncomptroller on or after November first, nineteen hundred ninety-one or\npursuant to any report of abandoned property which is required to be\nmade on or after November first, nineteen hundred ninety-one shall be\nentitled to claim and receive from the comptroller, in accordance with\nprocedures established by him, such securities and accumulated amounts\nor distributions thereon, including amounts or distributions accumulated\nafter such securities have been delivered to the comptroller, to the\nsame extent such owner would have been entitled to receive such\nsecurities and amounts or distributions if such securities and amounts\nor distributions had not been deemed abandoned pursuant to the\nprovisions of this chapter.  This subdivision may, in the comptroller's\nsole discretion, also apply to any rightful owner of securities which\nhave been delivered to the comptroller prior to November first, nineteen\nhundred ninety-one where such securities are delivered pursuant to a\nreport of abandoned property required prior to November first, nineteen\nhundred ninety-one but which have remained unsold by him as of such\ndate. In the event a claim is made and approved subsequent to the sale\nof the securities, the comptroller shall pay the rightful owner the cash\nequivalent of such securities as of the date of approval of any such\nclaim.\n  3. The state comptroller shall not be liable in any action for any act\nof his made in good faith pursuant to this section.\n  4. Where any security delivered to the state comptroller pursuant to\nthis chapter or any act relating to the disposition of abandoned\nproperty is delivered by him to the issuing corporation, the security\nshall be transferred to him on the books of the corporation and a\ncertificate registered in the name of the state comptroller shall be\ndelivered to him or, if so requested by the comptroller, such\ncorporation shall register such securities in book entry form in the\nname of the comptroller. The corporation and its transfer agent,\nregistrar or other person acting for or on behalf of the corporation in\nexecuting or delivering such certificate or registering such securities\nshall be relieved from liability to any person for any losses or damages\nresulting from the issuance and delivery to the state comptroller of\nsuch certificate or registration of such securities.\n