§ 514 — Reimbursement of brokers or dealers

§ 514. Reimbursement of brokers or dealers. 1. A broker or dealer\nwhich has paid or delivered to the state comptroller abandoned property\npursuant to section five hundred twelve may elect to make payment to the\nperson entitled thereto. A broker or dealer making such payment may file\nclaim for reimbursement by the state comptroller. The state comptroller\nupon satisfactory proof of such payment shall, after audit, reimburse\nsuch broker or dealer. In no event, however, shall such reimbursement\nexceed the amount to which the claimant is entitled pursuant to\nsubdivision two of section fourteen hundred three of this chapter.\n 2. A broker or dealer which has paid to the state comptroller\nabandoned property relating to any of the years nineteen hundred\nsixty-seven, nineteen hundred sixty-eight, nineteen hundred sixty-nine\nor nineteen hundred seventy, determined pursuant to subdivision six of\nsection five hundred eleven, may elect thereafter to make payment to a\nperson entitled to receive (i) a stock or cash dividend received in this\nstate during any such year by such broker or dealer, or nominee of such\nbroker or dealer, as the holder of record of a security, or (ii) an\ninterest payment on a security received in this state during any such\nyear by such broker or dealer, or nominee of such broker or dealer. A\nbroker or dealer making any such payment may file claim for\nreimbursement by the state comptroller. Subject to the provisions of\nthis subdivision, the state comptroller upon satisfactory proof that a\nbroker or dealer has made payment to the person entitled thereto shall,\nafter audit of such claim, reimburse such broker or dealer. In no event\nshall the amount or amounts reimbursed by the state comptroller to a\nbroker or dealer relating to any of the years nineteen hundred\nsixty-seven, nineteen hundred sixty-eight, nineteen hundred sixty-nine\nor nineteen hundred seventy, plus amounts paid by the state comptroller\nto any person claiming such abandoned property relating to any of such\nyears, exceed the amount paid by the broker or dealer to the state\ncomptroller pursuant to subdivision six of section five hundred eleven\nrelating to such year. In no event shall the amount paid by the state\ncomptroller to any person claiming a stock dividend received by a broker\nor dealer, or nominee of such broker or dealer, in any of such years, or\nto a broker or dealer in reimbursement of any such claim paid by such\nbroker or dealer, exceed the value of such stock dividend as most\nrecently reported by any generally recognized statistical service on the\nthirty-first day of December of the year in which such stock was deemed\nabandoned property.\n