1. In the month of March of each year, and on or before the tenth day thereof, every broker or dealer shall pay or deliver to the state comptroller all property which on the preceding thirty-first day of December was deemed abandoned property pursuant to section five hundred eleven excepting such property as since that date has ceased to be abandoned.
Terms Used In N.Y. Abandoned Property Law 512
- Broker: shall include any individual or corporation engaging in the purchase, sale or exchange of securities for or on behalf of any customer. See N.Y. Abandoned Property Law 510
- Corporation: shall include any joint stock company, corporation, association of two or more individuals, committee, public authority, or business trust. See N.Y. Abandoned Property Law 510
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: shall include any individual or corporation engaging in any state as a regular business in the purchase, sale or exchange of securities for his or its own account, through a broker or otherwise. See N.Y. Abandoned Property Law 510
- Security: shall include :
(a) Any instrument issued by a corporation or public issuer to evidence an obligation to make any payment of the principal amount of a debt or of any increment due or to become due thereon, or
(b) Any instrument issued by a corporation to evidence a proprietary interest therein except:
(i) A policy of insurance issued by a mutual insurance corporation, or
(ii) A share issued by a savings and loan association, a building and loan association, or a credit union. See N.Y. Abandoned Property Law 510
2. Where any security delivered to the state comptroller pursuant to subdivision one hereof, is delivered by him to the issuing corporation, the security shall be transferred to him on the books of the corporation and a certificate registered in the name of the state comptroller shall be delivered to him. The corporation and its transfer agent, registrar or other person acting for or on behalf of the corporation in executing or delivering such certificate shall be relieved from liability to any person for any losses or damages resulting from the issuance and delivery to the state comptroller of such certificate.