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This entry was published on 2014-09-22
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SECTION 50
Disposition of proceeds
General Business (GBS) CHAPTER 20, ARTICLE 5
§ 50. Disposition of proceeds. 1. The surplus money, if any, arising
from any such sale, after deducting the amount of the loan, the interest
then due on the same, the auctioneer's commissions, if applicable,
lawful extra care charges and the expense of the advertisement of the
sale, if applicable, shall be paid over by the collateral loan broker to
the person who would be entitled to redeem the pledge in case no such
sale had taken place.

2. In the event there is any surplus money due to a pledgor after such
sale, the collateral loan broker shall give the pledgor written notice
thereof, by mailing to such pledgor, directed to him at the address
given at the time of pledging or in the event such pledgor has notified
the collateral loan broker, in writing, of a change of address, to such
new address, within thirty days after such sale, a notice which shall
state the name and address of the collateral loan broker, the number of
the pledge, the date of sale and the amount of any surplus. In the event
any person entitled to such surplus fails to make claim for the same
within one year from the date of such sale, such surplus shall be paid
over, by the collateral loan broker, to the state comptroller in
accordance with the provisions of section one thousand three hundred one
of the abandoned property law.