1. The Laws of New York
  2. Consolidated Laws
  3. Banking
  4. Article 2: Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers


Section 31 Index of persons entitled to unclaimed amounts; payment to persons entitled; deduction of service charge

Banking (BNK)

Index of persons entitled to unclaimed amounts; payment to persons entitled; deduction of service charge. An index shall be kept in the office of the department of the names of all persons for whom the superintendent holds in trust any unclaimed amounts. The superintendent may pay over any such amount which he holds in trust amounting to over three dollars to any person who shall show by evidence satisfactory to the superintendent that he is lawfully entitled to receive it. In cases of doubt or conflicting claims, he may require of the claimant an order of the supreme court authorizing and directing the payment thereof. The superintendent shall be held harmless and shall not be liable to any subsequent claimant for any payment made by him in good faith. The superintendent shall deduct from the amount of any claim of fifty dollars or more allowed by him or ordered by the court to be paid a service charge of one percentum of the amount thereof, but in no event less than one dollar and, in addition, any costs, disbursements and legal fees which the court may allow. The amount so deducted shall be paid into the state treasury in accordance with the provisions of section seventeen of this chapter.