N.Y. Abandoned Property Law § 1300: Unclaimed surplus from sale of pledged property

§ 1300. Unclaimed surplus from sale of pledged property. 1. Any

unclaimed moneys arising from the sale of any personal property which

shall have been pledged or mortgaged as security for the loan of money

with a corporation, except a banking organization or a licensed lender,

heretofore or hereafter organized by or pursuant to a special statute

for the purpose of, and principally engaged in, giving aid to

individuals by loans of money at interest upon the pledge or mortgage of

personal property, and which has subjected itself to special provisions

of the banking law, after deducting the amount of the loan, the interest

then due on the same and any other lawful charges, which shall have

remained in its possession for three years from the date of such sale,

shall be deemed abandoned property.

2. Any such abandoned property held or owing by a corporation to which

the right to receive the same is established to the satisfaction of such

corporation shall cease to be deemed abandoned.

3. On or before the first day of June in each year every such

corporation shall report and pay over to the state comptroller all

abandoned property specified in subdivision one, which is in its

possession and which shall have become abandoned prior to the preceding

first day of January.