§ 1412 — Penalty, interest and special proceedings 1

New York § 1412

• Jurisdiction: New York
• Law ABP: Abandoned Property
• Art. 14: General Provisions

Text

§ 1412. Penalty, interest and special proceedings\n 1. Any person wilfully failing to make any full and complete report or\nto file any affidavit required by this chapter shall forfeit to the\npeople of the state the sum of one hundred dollars for each day such\nreport or affidavit shall be wilfully delayed or withheld, except that\nthe state comptroller may extend the time for making any such report or\nfiling any such affidavit and may waive the payment of any penalty or\npart thereof provided for by this subdivision.\n 2. In addition to the penalty prescribed in subdivision one of this\nsection for failure to report, any person failing to pay any sum or to\ndeliver any property required to be paid or delivered to the state\ncomptroller by this chapter or any law relating to abandoned property\nshall pay to the people of the state interest on the amount or value of\nsuch property. Such interest shall be at the rate of ten per centum per\nannum computed for a period to commence upon the date such payment or\ndelivery was required by this chapter and to terminate upon the date of\nfull compliance therewith, except that the state comptroller may waive\nthe payment of all or part of such interest whenever in his opinion the\ncircumstances warrant such waiver.\n 3. Upon the failure of any person to fully and completely report and\npay or deliver abandoned property to the comptroller pursuant to this\nchapter or any other law relating to abandoned property, the comptroller\nshall issue a determination of the amount due and owing him as custodian\nof the abandoned property fund. Such determination shall be served by\ncertified mail upon the person failing to report and pay or deliver and\nshall be presumptive evidence of the amount stated therein as due and\nowing the comptroller. Such presumption shall apply to that portion of\nthe stated amount which is alleged to have become payable or deliverable\nas abandoned property no longer than five years following the\nthirty-first day of December of the year in which such report was\nrequired to be filed. If a full and complete report and payment or\ndelivery is not made by such person within thirty days following the\nreceipt of the determination, the comptroller shall convene a hearing,\nupon reasonable notice, in order to certify the amount due as abandoned\nproperty. The notice of hearing shall be served by certified mail upon\nthe person having failed to report and pay or deliver.\n 4. Where the comptroller, or a person designated by him, after a\nhearing certifies the amount due as abandoned property under the\nprovisions of this chapter or any law relating to abandoned property,\nany aggrieved person may institute a special proceeding within ninety\ndays after notice of said certification under article seventy-eight of\nthe civil practice law and rules for the purpose of reviewing said\ncertification. In addition to the foregoing provisions of this section,\nthe comptroller may institute a special proceeding in the supreme court,\nfor a judgment directing payment to him of any sum certified to be\npayable as abandoned property under this chapter together with interest\nas provided in subdivision two of this section and in such proceeding by\nthe comptroller the certification by him shall be conclusive proof\nthereof.\n