N.Y. Abandoned Property Law § 502: Payment or delivery of abandoned property

§ 502. Payment or delivery of abandoned property. 1. In the month of

March in each year, and on or before the tenth day thereof, every

domestic or foreign corporation or public corporation or fiduciary shall

pay or deliver to the state comptroller all property which on the

preceding thirty-first day of December was deemed abandoned pursuant to

section five hundred one excepting such property as since that date has

ceased to be abandoned.

2. Where any security delivered to the state comptroller pursuant to

subdivision one hereof, is delivered by him to the issuing corporation,

the security shall be transferred to him on the books of the corporation

and a certificate registered in the name of the state comptroller shall

be delivered to him or, if so requested by the comptroller, such

corporation shall register such securities in book entry form in the

name of the comptroller. The corporation and its transfer agent,

registrar or other person acting for or on behalf of the corporation in

executing or delivering any such certificate or registering such

securities shall be relieved from liability to any person for any losses

or damages resulting from the issuance and delivery to the state

comptroller of such certificate or registration of such securities.