An index shall be kept in the office of the department of the names of all persons
for whom the superintendent holds in trust any unclaimed amounts. The superintendent may pay over any such amount which he holds in trust amounting
to over three dollars to any person who shall show by evidence satisfactory to the
superintendent that he is lawfully entitled to receive it. In cases of doubt or conflicting claims, he may require of the claimant an order
of the supreme court authorizing and directing the payment thereof. The superintendent shall be held harmless and shall not be liable to any subsequent
claimant for any payment made by him in good faith. The superintendent shall deduct from the amount of any claim of fifty dollars or
more allowed by him or ordered by the court to be paid a service charge of one percentum
of the amount thereof, but in no event less than one dollar and, in addition, any
costs, disbursements and legal fees which the court may allow. The amount so deducted shall be paid into the state treasury in accordance with
the provisions of section seventeen of this chapter.
Cite this article: FindLaw.com - New York Consolidated Laws, Banking Law - BNK § 31. Index of persons entitled to unclaimed amounts; payment to persons entitled; deduction of service charge - last updated January 01, 2021
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.