2013 New York Consolidated Laws
GBS - General Business
Article 5 - (40 - 55) COLLATERAL LOAN BROKERS
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.