N.Y. General Business Law § 50: Disposition of proceeds

§ 50. Disposition of proceeds. 1. The surplus money, if any, arising

from any such sale, after deducting the amount of the loan, the interest

then due on the same, the auctioneer's commissions, if applicable,

lawful extra care charges and the expense of the advertisement of the

sale, if applicable, shall be paid over by the collateral loan broker to

the person who would be entitled to redeem the pledge in case no such

sale had taken place.

2. In the event there is any surplus money due to a pledgor after such

sale, the collateral loan broker shall give the pledgor written notice

thereof, by mailing to such pledgor, directed to him at the address

given at the time of pledging or in the event such pledgor has notified

the collateral loan broker, in writing, of a change of address, to such

new address, within thirty days after such sale, a notice which shall

state the name and address of the collateral loan broker, the number of

the pledge, the date of sale and the amount of any surplus. In the event

any person entitled to such surplus fails to make claim for the same

within one year from the date of such sale, such surplus shall be paid

over, by the collateral loan broker, to the state comptroller in

accordance with the provisions of section one thousand three hundred one

of the abandoned property law.