New York Abandoned Property Law
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.