§ 502 — Payment or delivery of abandoned property

New York § 502

• Jurisdiction: New York
• Law ABP: Abandoned Property
• Art. 5: Unclaimed Property Held or Owing For Payment to Security Holders

Text

§ 502. Payment or delivery of abandoned property. 1. In the month of\nMarch in each year, and on or before the tenth day thereof, every\ndomestic or foreign corporation or public corporation or fiduciary shall\npay or deliver to the state comptroller all property which on the\npreceding thirty-first day of December was deemed abandoned pursuant to\nsection five hundred one excepting such property as since that date has\nceased to be abandoned.\n 2. Where any security delivered to the state comptroller pursuant to\nsubdivision one hereof, is delivered by him to the issuing corporation,\nthe security shall be transferred to him on the books of the corporation\nand a certificate registered in the name of the state comptroller shall\nbe delivered to him or, if so requested by the comptroller, such\ncorporation shall register such securities in book entry form in the\nname of the comptroller. The corporation and its transfer agent,\nregistrar or other person acting for or on behalf of the corporation in\nexecuting or delivering any such certificate or registering such\nsecurities shall be relieved from liability to any person for any losses\nor damages resulting from the issuance and delivery to the state\ncomptroller of such certificate or registration of such securities.\n