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This entry was published on 2014-09-22
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SECTION 1212
Disposition of moneys retained; surplus; unclaimed distributions
Business Corporation (BSC) CHAPTER 4, ARTICLE 12
§ 1212. 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.