Abandoned Property - Unclaimed Property Held By Brokers - Payment or delivery of abandoned property


Published: 2014-09-22

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§ 512. Payment or delivery of abandoned property. 1. In the month of
March of each year, and on or before the tenth day thereof, every broker
or dealer shall pay or deliver to the state comptroller all property
which on the preceding thirty-first day of December was deemed abandoned
property pursuant to section five hundred eleven excepting such property
as since that date has ceased to be abandoned.

2. Where any security delivered to the state comptroller pursuant to
subdivision one hereof, 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. The corporation and its transfer agent, registrar
or other person acting for or on behalf of the corporation in executing
or delivering such certificate 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.