N.Y. Abandoned Property Law 1307 – Unclaimed proceeds from the sale of wrecked property
§ 1307. Unclaimed proceeds from the sale of wrecked property. 1. Any proceeds, less lawful deductions, from a sale of wrecked property pursuant to § 138 of the navigation law, shall be deemed abandoned property.
Terms Used In N.Y. Abandoned Property Law 1307
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
2. Any proceeds, less lawful deductions, from a sale of perishable wrecked property, pursuant to the provisions of § 131 of the navigation law, held or owing by a county treasurer, which shall have remained unclaimed by the person entitled thereto for one year from the date of such sale, shall be deemed abandoned property.
3. Any sheriff or county treasurer holding any such abandoned property, shall pay the same to the state comptroller immediately after such property shall have been deemed abandoned. Each such payment shall be accompanied by a written report, affirmed as true and accurate under penalty of perjury, which shall set forth such information as the state comptroller may require.