§ 1407. Payment by comptroller.
373 words·~2 min read·
/ny/abandoned-property/general-provisions/1407·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1407. Payment by comptroller. 1. Any claim which is allowed by the
comptroller or ordered to be paid by the comptroller by a court of
competent jurisdiction pursuant to the provisions of section fourteen
hundred six of this article, together with such costs and disbursements
as may be allowed by the court, shall be paid, together with any
interest accrued on such claim pursuant to section fourteen hundred five
of this article, out of the abandoned property fund, except for any
claim relating to a security pursuant to subdivision two-a of section
fourteen hundred three of this article, which shall be paid in
accordance with procedures established by the comptroller, and the
comptroller shall not be liable in any action for any claim including
interest if any, paid by the comptroller in good faith.
2. If during any session of the legislature there are insufficient
moneys in the abandoned property fund to pay all claims, including any
interest accrued thereon, which have been allowed by the state
comptroller or ordered to be paid by the state comptroller by a court of
competent jurisdiction, the state comptroller shall so certify to the
legislature, which shall appropriate from the general fund to the
abandoned property fund an amount sufficient to pay such claims.
3. The state comptroller is hereby authorized to establish an
abandoned property expedited payment program. Under such program, the
comptroller may:
(a)notwithstanding whether a claim is filed pursuant to this chapter,
return any property paid or delivered to the state comptroller under
this chapter, or proceeds from the sale thereof, to an apparent owner
after verification, in a manner and form prescribed by the comptroller,
that the apparent owner is the rightful owner of the property; and
(b)promulgate rules and regulations necessary to administer the
program, including establishing the threshold value of property to be
paid or delivered under the program, provided however:
(i)for the calendar year beginning January first, two thousand
twenty-five, the value of property may not be more than two hundred
fifty dollars; and
(ii)for the calendar year beginning January first, two thousand
twenty-six and thereafter, the value of property to be paid or delivered
under the program shall be determined by the comptroller.