§ 1300 — Unclaimed surplus from sale of pledged property

§ 1300. Unclaimed surplus from sale of pledged property. 1. Any\nunclaimed moneys arising from the sale of any personal property which\nshall have been pledged or mortgaged as security for the loan of money\nwith a corporation, except a banking organization or a licensed lender,\nheretofore or hereafter organized by or pursuant to a special statute\nfor the purpose of, and principally engaged in, giving aid to\nindividuals by loans of money at interest upon the pledge or mortgage of\npersonal property, and which has subjected itself to special provisions\nof the banking law, after deducting the amount of the loan, the interest\nthen due on the same and any other lawful charges, which shall have\nremained in its possession for three years from the date of such sale,\nshall be deemed abandoned property.\n 2. Any such abandoned property held or owing by a corporation to which\nthe right to receive the same is established to the satisfaction of such\ncorporation shall cease to be deemed abandoned.\n 3. On or before the first day of June in each year every such\ncorporation shall report and pay over to the state comptroller all\nabandoned property specified in subdivision one, which is in its\npossession and which shall have become abandoned prior to the preceding\nfirst day of January.\n