2023 New York Laws › ABP - Abandoned Property › Article 14 - General Provisions › 1403 - Sale of Personal Property by State Comptroller.

§ 1403. Sale of personal property by state comptroller.  1.  Except as
  provided  in  subdivision one-a of this section, all abandoned property,
  other than money, heretofore paid to the state shall, prior  to  October
  first,  nineteen  hundred  forty-five, be sold by the state comptroller,
  and all abandoned property, other than money and  securities,  delivered
  to  the state comptroller pursuant to this chapter, shall within fifteen
  months after such delivery be sold by him,  at  public  auction  to  the
  highest  bidder,  except such property as in his opinion is valueless or
  of such little value that the cost of sale  would  exceed  the  probable
  proceeds therefrom. Securities shall be sold by the state comptroller on
  any established stock exchange or by such other means as the comptroller
  shall  deem  advisable within fifteen months after their delivery to him
  pursuant to this chapter.
1-a. Where securities are delivered to the state comptroller  pursuant
  to this chapter on or after November first, nineteen hundred ninety-one,
  or  pursuant to any report of abandoned property which is required to be
  made on or  after  November  first,  nineteen  hundred  ninety-one,  the
  comptroller shall sell such securities on any established stock exchange
  or  by  such other means as the comptroller shall deem advisable as soon
  as he may in his discretion deem practicable  after  their  delivery  to
  him.
2.    Except  as  provided  in  subdivision two-a of this section, the
  proceeds from the sale of any such abandoned property,  less  all  costs
  incurred  in  connection with such sale, shall be deposited by the state
  comptroller  in  the  abandoned  property  fund  and  any  claimant  for
  abandoned  property  shall be entitled only to the money so received and
  deposited.
2-a. Any rightful owner of  securities  which  are  delivered  to  the
  comptroller  on  or after November first, nineteen hundred ninety-one or
  pursuant to any report of abandoned property which  is  required  to  be
  made  on  or  after November first, nineteen hundred ninety-one shall be
  entitled to claim and receive from the comptroller, in  accordance  with
  procedures  established  by him, such securities and accumulated amounts
  or distributions thereon, including amounts or distributions accumulated
  after such securities have been delivered to  the  comptroller,  to  the
  same  extent  such  owner  would  have  been  entitled  to  receive such
  securities and amounts or distributions if such securities  and  amounts
  or   distributions  had  not  been  deemed  abandoned  pursuant  to  the
  provisions of this chapter.  This subdivision may, in the  comptroller's
  sole  discretion,  also  apply to any rightful owner of securities which
  have been delivered to the comptroller prior to November first, nineteen
  hundred ninety-one where such securities are  delivered  pursuant  to  a
  report  of abandoned property required prior to November first, nineteen
  hundred ninety-one but which have remained unsold  by  him  as  of  such
  date.  In  the event a claim is made and approved subsequent to the sale
  of the securities, the comptroller shall pay the rightful owner the cash
  equivalent of such securities as of the date of  approval  of  any  such
  claim.
3. The state comptroller shall not be liable in any action for any act
  of his made in good faith pursuant to this section.
4.  Where  any security delivered to the state comptroller pursuant to
  this chapter or  any  act  relating  to  the  disposition  of  abandoned
  property  is  delivered  by him to the issuing corporation, the security
  shall be transferred to him on  the  books  of  the  corporation  and  a
  certificate  registered  in  the  name of the state comptroller shall be
  delivered  to  him  or,  if  so  requested  by  the  comptroller,   such
  corporation  shall  register  such  securities in book entry form in the
  name of  the  comptroller.  The  corporation  and  its  transfer  agent,

  registrar  or other person acting for or on behalf of the corporation in
  executing or delivering such certificate or registering such  securities
  shall be relieved from liability to any person for any losses or damages
  resulting  from  the  issuance  and delivery to the state comptroller of
  such certificate or registration of such securities.