N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 241: Disposition of unpaid money due on account of pari-mutuel tickets not presented

§ 241. Disposition of unpaid money due on account of pari-mutuel

tickets not presented. The sum held by any corporation authorized to

conduct pari-mutuel betting for payment of outstanding winning

pari-mutuel tickets and for refunding the price of pari-mutuel tickets

shall be retained by such corporation for such purposes until April

first of the succeeding year; provided, however, that ninety-five per

centum of such sum remaining unclaimed as of the last day of February of

such year shall be paid to the department of taxation and finance by

March fifteenth. On April tenth, the balance of such sum remaining

unclaimed and any other unclaimed amount received in the course of

conducting pari-mutuel betting shall be paid to the department of

taxation and finance. A penalty of five per centum and interest at the

rate of one per centum per month from the due date to the date of

payment of the unclaimed balance due March fifteenth or April tenth, as

the case may be, shall be payable in case such balance is not paid when

due. Such amounts, interest and penalties when collected shall be paid

by the department of taxation and finance into the general fund of the

state treasury.