Abandoned Property - Miscellaneous Unclaimed Property - Unclaimed surplus from sale of pledged property


Published: 2014-09-22

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§ 1300. Unclaimed surplus from sale of pledged property. 1. Any
unclaimed moneys arising from the sale of any personal property which
shall have been pledged or mortgaged as security for the loan of money
with a corporation, except a banking organization or a licensed lender,
heretofore or hereafter organized by or pursuant to a special statute
for the purpose of, and principally engaged in, giving aid to
individuals by loans of money at interest upon the pledge or mortgage of
personal property, and which has subjected itself to special provisions
of the banking law, after deducting the amount of the loan, the interest
then due on the same and any other lawful charges, which shall have
remained in its possession for three years from the date of such sale,
shall be deemed abandoned property.

2. Any such abandoned property held or owing by a corporation to which
the right to receive the same is established to the satisfaction of such
corporation shall cease to be deemed abandoned.

3. On or before the first day of June in each year every such
corporation shall report and pay over to the state comptroller all
abandoned property specified in subdivision one, which is in its
possession and which shall have become abandoned prior to the preceding
first day of January.