Abandoned Property - General Provisions - Payment by comptroller


Published: 2014-09-22

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§ 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 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 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 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.