New York Business Corporation Law Section 1212 - Disposition of moneys retained; surplus; unclaimed distributions.

1212. Disposition    of    moneys    retained;    surplus;   unclaimed
        distributions.
(a) When any action pending at the  time  of  the  final  distribution
  shall be terminated, the receiver shall apply the moneys retained by him
  to  the  payment  of the amount recovered, and his necessary charges and
  expenses incurred therein.
(b) After the final distribution to creditors and after deducting  his
  charges  and  expenses,  the receiver shall distribute any surplus among
  the shareholders of the corporation, in accordance with their respective
  rights.
(c)  Any  portion  of  the  assets  distributable  to  a  creditor  or
  shareholder  who  is  unknown  or  cannot  be  found,  or  who  is under
  disability and for whom there is no legal representative, shall be  paid
  by  the  receiver  to the state comptroller as abandoned property within
  six months from the date fixed for the payment of the final  liquidating
  distribution, and be subject to the provisions of the abandoned property
  law.

Last modified: February 3, 2019