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This entry was published on 2014-09-22
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Disposition of proceeds
§ 204. Disposition of proceeds. Of the proceeds of such sale, the
lienor shall retain an amount sufficient to satisfy his lien, and the
expenses of advertisement and sale. The balance of such proceeds, if
any, shall be held by the lienor subject to the demand of the owner, or
his assignee or legal representative, or any person entitled to notice
of sale pursuant to section two hundred one of this article. A notice
that such balance is so held shall be served personally or by mail upon
all such persons. If such balance is not claimed by any of such persons
within thirty days from the day of sale, such balance shall be deposited
with the treasurer or chamberlain of the city or village, or the
commissioner of finance in the city of New York, or the supervisor of
the town, where such sale was held. There shall be filed with such
deposit, the affidavit of the lienor, stating the name and place of
business or residence of such persons, if known, the articles sold, the
prices obtained therefor, that the notice required by this article was
duly served and how served upon such persons, and that such sale was
legally and how advertised. There shall also be filed therewith a copy
of the notice or judgment served upon such persons and the notice of
sale published or posted as required by this article. The officer with
whom such balance is deposited shall credit the same to such persons,
and pay the same to such persons on demand and satisfactory evidence of
identity. If such balance remains in the possession of such officer for
a period of five years, unclaimed by a person legally entitled thereto,
it shall be transferred to the general funds of the town, village or
city, and be applied and used as other moneys belonging to such town,
village or city.