N.Y. Abandoned Property Law Section 1407
Payment by comptroller

Any claim which is allowed by the comptroller or ordered to be paid by him by a court of competent jurisdiction pursuant to the provisions of § 1406 (Claims for abandoned property heretofore or hereafter paid to the state)section fourteen hundred six of this article, together with such costs and disbursements as may be allowed by the court, shall be paid, together with any interest accrued on such claim pursuant to § 1405 (Accrual of interest after payment of abandoned property to the state comptroller)section fourteen hundred five of this article, out of the abandoned property fund, except for any claim relating to a security pursuant to subdivision two-a of § 1403 (Sale of personal property by state comptroller)section fourteen hundred three of this article, which shall be paid in accordance with procedures established by the comptroller, and the comptroller shall not be liable in any action for any claim including interest if any, paid by him in good faith. If during any session of the legislature there are insufficient moneys in the abandoned property fund to pay all claims, including any interest accrued thereon, which have been allowed by the state comptroller or ordered to be paid by him by a court of competent jurisdiction, the state comptroller shall so certify to the legislature, which shall appropriate from the general fund to the abandoned property fund an amount sufficient to pay such claims.

Source: Section 1407 — Payment by comptroller, https://www.­nysenate.­gov/legislation/laws/ABP/1407 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1407’s source at nysenate​.gov

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