1. The Laws of New York
  2. Consolidated Laws
  3. Business Corporation
  4. Article 12: Receivership


Section 1212 Disposition of moneys retained; surplus; unclaimed distributions

Business Corporation (BSC)

Disposition of moneys retained; surplus; unclaimed

   distributions.

  (a) When any action pending at the time of the final distribution shall be terminated, the receiver shall apply the moneys retained by him to the payment of the amount recovered, and his necessary charges and expenses incurred therein.

  (b) After the final distribution to creditors and after deducting his charges and expenses, the receiver shall distribute any surplus among the shareholders of the corporation, in accordance with their respective rights.

  (c) Any portion of the assets distributable to a creditor or shareholder who is unknown or cannot be found, or who is under disability and for whom there is no legal representative, shall be paid by the receiver to the state comptroller as abandoned property within six months from the date fixed for the payment of the final liquidating distribution, and be subject to the provisions of the abandoned property law.