1. The Laws of New York
  2. Consolidated Laws
  3. Abandoned Property
  4. Article 13: Miscellaneous Unclaimed Property


Section 1301 Unclaimed surplus from sale of pledge

Abandoned Property (ABP)

  1. The word, "pledgee", as used in this section shall mean any person, partnership or corporation

  (a) loaning money on the deposit or pledge of personal property, or

  (b) purchasing personal property on condition of selling back at a stipulated price, or

  (c) doing business as warehouse men and loaning or advancing money upon goods, wares or merchandise pledged or deposited as collateral security.

  2. Any surplus moneys resulting from a sale by a pledgee, other than a banking organization, after the thirtieth day of June, nineteen hundred fifty of personal property after deducting the amount loaned or advanced, interest due thereon and any other lawful charges, which surplus moneys have remained unpaid to the person entitled thereto for one year from the date of such sale, shall be deemed abandoned property.

  3. Each year in the month of July and on or before the tenth day thereof every pledgee shall pay to the state comptroller all abandoned property specified in subdivision two of this section. Every such payment shall be accompanied by a verified written statement which shall contain the name and last known address of the pledgor, the date of the sale, the number of the pledge, if receipt given to the pledgor is so identified, and the amount of such surplus moneys.