§ 204 — Disposition of proceeds

New York § 204

• Jurisdiction: New York
• Law LIE: Lien
• Art. 9: Enforcement of Liens On Personal Property

Text

§ 204. Disposition of proceeds. Of the proceeds of such sale, the\nlienor shall retain an amount sufficient to satisfy his lien, and the\nexpenses of advertisement and sale. The balance of such proceeds, if\nany, shall be held by the lienor subject to the demand of the owner, or\nhis assignee or legal representative, or any person entitled to notice\nof sale pursuant to section two hundred one of this article. A notice\nthat such balance is so held shall be served personally or by mail upon\nall such persons. If such balance is not claimed by any of such persons\nwithin thirty days from the day of sale, such balance shall be deposited\nwith the treasurer or chamberlain of the city or village, or the\ncommissioner of finance in the city of New York, or the supervisor of\nthe town, where such sale was held. There shall be filed with such\ndeposit, the affidavit of the lienor, stating the name and place of\nbusiness or residence of such persons, if known, the articles sold, the\nprices obtained therefor, that the notice required by this article was\nduly served and how served upon such persons, and that such sale was\nlegally and how advertised. There shall also be filed therewith a copy\nof the notice or judgment served upon such persons and the notice of\nsale published or posted as required by this article. The officer with\nwhom such balance is deposited shall credit the same to such persons,\nand pay the same to such persons on demand and satisfactory evidence of\nidentity. If such balance remains in the possession of such officer for\na period of five years, unclaimed by a person legally entitled thereto,\nit shall be transferred to the general funds of the town, village or\ncity, and be applied and used as other moneys belonging to such town,\nvillage or city.\n