Abandoned Property - Miscellaneous Unclaimed Property - Unclaimed surplus from sale of pledge

Published: 2014-09-22

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
§ 1301. Unclaimed surplus from sale of pledge.

1. The word, "pledgee", as used in this section shall mean any person,
partnership or corporation

(a) loaning money on the deposit or pledge of personal property, or

(b) purchasing personal property on condition of selling back at a
stipulated price, or

(c) doing business as warehouse men and loaning or advancing money
upon goods, wares or merchandise pledged or deposited as collateral

2. Any surplus moneys resulting from a sale by a pledgee, other than a
banking organization, after the thirtieth day of June, nineteen hundred
fifty of personal property after deducting the amount loaned or
advanced, interest due thereon and any other lawful charges, which
surplus moneys have remained unpaid to the person entitled thereto for
one year from the date of such sale, shall be deemed abandoned property.

3. Each year in the month of July and on or before the tenth day
thereof every pledgee shall pay to the state comptroller all abandoned
property specified in subdivision two of this section. Every such
payment shall be accompanied by a verified written statement which shall
contain the name and last known address of the pledgor, the date of the
sale, the number of the pledge, if receipt given to the pledgor is so
identified, and the amount of such surplus moneys.