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N.Y. BSC Law § 1212

This is the official text of N.Y. BSC Law § 1212, part of New York’s BSC Law — part of the compiled statutory law of New York, published by the state as "BSC Law." Browse the sections below, each linked to its official government source.

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Disposition of moneys retained; surplus; unclaimed distributions

Official statutory text

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

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.