N.Y. Abandoned Property Law § 1404: Assumption of liability by the state; return of property erroneously paid to state comptroller

§ 1404. Assumption of liability by the state; return of property

erroneously paid to state comptroller. 1. The care and custody, subject

only to the duty of conversion prescribed in section fourteen hundred

two of this chapter, of all abandoned property heretofore paid to the

state, except

(i) abandoned property in individual amounts of less than one dollar

so paid pursuant to chapter one hundred seven of the laws of nineteen

hundred forty-two; and of all abandoned property paid to the state

comptroller pursuant to this chapter;

(ii) abandoned property so paid pursuant to chapter seven hundred

twenty-seven of the laws of nineteen hundred twenty-six, or as such

chapter was amended by chapter five hundred sixty-nine of the laws of

nineteen hundred twenty-seven, and section sixty of chapter fifty-four

of the laws of nineteen hundred twenty-nine, prior to June first,

nineteen hundred forty-one; is hereby assumed for the benefit of those

entitled to receive the same, and the state shall hold itself

responsible for the payment of all claims established thereto pursuant

to law, less any lawful deductions, which cannot be paid from the

abandoned property fund.

2. Any person, copartnership, unincorporated association or

corporation making a payment of or delivering abandoned property to the

comptroller shall immediately and thereafter be relieved and held

harmless from any or all liability for any claim or claims which exist

at such time with reference to such abandoned property or which may

thereafter be made or may come into existence on account of or in

respect of any such abandoned property.

3. No action shall be maintained against any person, copartnership,

unincorporated association or corporation, or any officer thereof, for

(a) the recovery of abandoned property paid or delivered to the state

comptroller pursuant to this chapter or for interest thereon subsequent

to the date of the report of such abandoned property to the state

comptroller pursuant to this chapter;

(b) the recovery of abandoned property heretofore paid or delivered to

the state or for interest thereon subsequent to the date of such payment

or delivery; or

(c) damages alleged to have resulted from any such payment or

delivery.

4. Whenever it appears to the satisfaction of the state comptroller

that because of some mistake of fact, error in calculation or erroneous

interpretation of a statute, any person has paid or delivered to the

state comptroller, pursuant to any provision of this chapter, any moneys

or other property not required by the provisions of this chapter to be

so paid or delivered, he shall have power, during the six years

immediately succeeding such erroneous payment or delivery, to refund or

redeliver such moneys or other property to such person; provided that

such moneys or property shall not have been paid or delivered to a

claimant or otherwise disposed of in accordance with the provisions of

this article. Moneys or other property deposited with a county treasurer

or the commissioner of finance of the city of New York for the benefit

of an infant pursuant to court order, which are or have been erroneously

paid or delivered to the state comptroller, may be refunded by the state

comptroller at any time. Any such refund hereunder shall be paid from

the abandoned property fund without the deduction of any service charge.

5. Whenever, because of some mistake of fact, error in calculation or

erroneous interpretation of a statute, any person pays or delivers to

the state comptroller any moneys or other property not required by the

provisions of this chapter to be so paid or delivered, such moneys or

other property shall, for the purposes of this article, be deemed to be

abandoned property, unless and until refunded or redelivered by the

state comptroller to the person who paid or delivered the same to him.