N.Y. Business Corporation Law § 1212: Disposition of moneys retained; surplus; unclaimed distributions

§ 1212. Disposition of moneys retained; surplus; unclaimed

distributions.

(a) When any action pending at the time of the final distribution

shall be terminated, the receiver shall apply the moneys retained by him

to the payment of the amount recovered, and his necessary charges and

expenses incurred therein.

(b) After the final distribution to creditors and after deducting his

charges and expenses, the receiver shall distribute any surplus among

the shareholders of the corporation, in accordance with their respective

rights.

(c) Any portion of the assets distributable to a creditor or

shareholder who is unknown or cannot be found, or who is under

disability and for whom there is no legal representative, shall be paid

by the receiver to the state comptroller as abandoned property within

six months from the date fixed for the payment of the final liquidating

distribution, and be subject to the provisions of the abandoned property

law.