Abandoned Property - Unclaimed Property Held or Owing For Payment to Security Holders - Payment or delivery of abandoned property


Published: 2014-09-22

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§ 502. Payment or delivery of abandoned property. 1. In the month of
March in each year, and on or before the tenth day thereof, every
domestic or foreign corporation or public corporation or fiduciary shall
pay or deliver to the state comptroller all property which on the
preceding thirty-first day of December was deemed abandoned pursuant to
section five hundred one 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 or, if so requested by the comptroller, such
corporation shall register such securities in book entry form in the
name of the comptroller. The corporation and its transfer agent,
registrar or other person acting for or on behalf of the corporation in
executing or delivering any such certificate or registering such
securities 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 or registration of such securities.