N.Y. Abandoned Property Law § 1407: Payment by comptroller

§ 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.