§ 1407 — Payment by comptroller

§ 1407. Payment by comptroller. 1. Any claim which is allowed by the\ncomptroller or ordered to be paid by the comptroller by a court of\ncompetent jurisdiction pursuant to the provisions of section fourteen\nhundred six of this article, together with such costs and disbursements\nas may be allowed by the court, shall be paid, together with any\ninterest accrued on such claim pursuant to section fourteen hundred five\nof this article, out of the abandoned property fund, except for any\nclaim relating to a security pursuant to subdivision two-a of section\nfourteen hundred three of this article, which shall be paid in\naccordance with procedures established by the comptroller, and the\ncomptroller shall not be liable in any action for any claim including\ninterest if any, paid by the comptroller in good faith.\n 2. If during any session of the legislature there are insufficient\nmoneys in the abandoned property fund to pay all claims, including any\ninterest accrued thereon, which have been allowed by the state\ncomptroller or ordered to be paid by the state comptroller by a court of\ncompetent jurisdiction, the state comptroller shall so certify to the\nlegislature, which shall appropriate from the general fund to the\nabandoned property fund an amount sufficient to pay such claims.\n 3. The state comptroller is hereby authorized to establish an\nabandoned property expedited payment program. Under such program, the\ncomptroller may:\n (a) notwithstanding whether a claim is filed pursuant to this chapter,\nreturn any property paid or delivered to the state comptroller under\nthis chapter, or proceeds from the sale thereof, to an apparent owner\nafter verification, in a manner and form prescribed by the comptroller,\nthat the apparent owner is the rightful owner of the property; and\n (b) promulgate rules and regulations necessary to administer the\nprogram, including establishing the threshold value of property to be\npaid or delivered under the program, provided however:\n (i) for the calendar year beginning January first, two thousand\ntwenty-five, the value of property may not be more than two hundred\nfifty dollars; and\n (ii) for the calendar year beginning January first, two thousand\ntwenty-six and thereafter, the value of property to be paid or delivered\nunder the program shall be determined by the comptroller.\n