§ 1301. Unclaimed surplus from sale of pledge.

223 words·~1 min read·/ny/abandoned-property/miscellaneous-unclaimed-property/1301·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The word, "pledgee", as used in this section shall mean any person,

partnership or corporation

(a)loaning money on the deposit or pledge of personal property, or

(b)purchasing personal property on condition of selling back at a

stipulated price, or

(c)doing business as warehouse men and loaning or advancing money

upon goods, wares or merchandise pledged or deposited as collateral

security.

2. Any surplus moneys resulting from a sale by a pledgee, other than a

banking organization, after the thirtieth day of June, nineteen hundred

fifty of personal property after deducting the amount loaned or

advanced, interest due thereon and any other lawful charges, which

surplus moneys have remained unpaid to the person entitled thereto for

one year from the date of such sale, shall be deemed abandoned property.

3. Each year in the month of July and on or before the tenth day

thereof every pledgee shall pay to the state comptroller all abandoned

property specified in subdivision two of this section. Every such

payment shall be accompanied by a verified written statement which shall

contain the name and last known address of the pledgor, the date of the

sale, the number of the pledge, if receipt given to the pledgor is so

identified, and the amount of such surplus moneys.