Section 1404. Assumption of liability by the state; return of property erroneously paid to state comptroller

  1. The care and custody, subject
  only to the duty of conversion prescribed in  section  fourteen  hundred
  two  of  this  chapter, of all abandoned property heretofore paid to the
  state, except
    (i) abandoned property in individual amounts of less than  one  dollar
  so  paid  pursuant  to chapter one hundred seven of the laws of nineteen
  hundred forty-two; and of all  abandoned  property  paid  to  the  state
  comptroller pursuant to this chapter;
    (ii)  abandoned  property  so  paid  pursuant to chapter seven hundred
  twenty-seven of the laws of nineteen  hundred  twenty-six,  or  as  such
  chapter  was  amended  by chapter five hundred sixty-nine of the laws of
  nineteen hundred twenty-seven, and section sixty of  chapter  fifty-four
  of  the  laws  of  nineteen  hundred  twenty-nine,  prior to June first,
  nineteen hundred forty-one; is hereby assumed for the benefit  of  those
  entitled   to  receive  the  same,  and  the  state  shall  hold  itself
  responsible for the payment of all claims established  thereto  pursuant
  to  law,  less  any  lawful  deductions,  which  cannot be paid from the
  abandoned property fund.
    2.  Any   person,   copartnership,   unincorporated   association   or
  corporation  making a payment of or delivering abandoned property to the
  comptroller shall  immediately  and  thereafter  be  relieved  and  held
  harmless  from  any or all liability for any claim or claims which exist
  at such time with reference to such  abandoned  property  or  which  may
  thereafter  be  made  or  may  come  into  existence on account of or in
  respect of any such abandoned property.
    3.  No action shall be maintained against any  person,  copartnership,
  unincorporated association or corporation, or any officer thereof, for
    (a)  the recovery of abandoned property paid or delivered to the state
  comptroller  pursuant to this chapter or for interest thereon subsequent
  to the date of the report  of  such  abandoned  property  to  the  state
  comptroller pursuant to this chapter;
    (b)    the recovery of abandoned property heretofore paid or delivered
  to the state or for interest thereon subsequent  to  the  date  of  such
  payment or delivery; or
    (c)    damages  alleged  to  have  resulted  from  any such payment or
  delivery.
    4.  Whenever it appears to the satisfaction of the  state  comptroller
  that  because of some mistake of fact, error in calculation or erroneous
  interpretation of a statute, any person has paid  or  delivered  to  the
  state comptroller, pursuant to any provision of this chapter, any moneys
  or  other  property not required by the provisions of this chapter to be
  so paid or  delivered,  he  shall  have  power,  during  the  six  years
  immediately  succeeding such erroneous payment or delivery, to refund or
  redeliver such moneys or other property to such  person;  provided  that
  such  moneys  or  property  shall  not  have been paid or delivered to a
  claimant or otherwise disposed of in accordance with the  provisions  of
  this  article.    Moneys  or  other  property  deposited  with  a county
  treasurer or the commissioner of finance  of the city of  New  York  for
  the benefit of an infant pursuant to court order, which are or have been
  erroneously  paid or delivered to the state comptroller, may be refunded
  by the state comptroller at any time. Any such refund hereunder shall be
  paid from the abandoned property  fund  without  the  deduction  of  any
  service charge.
    5.  Whenever, because of some mistake of fact, error in calculation or
  erroneous interpretation of a statute, any person pays  or  delivers  to
  the  state  comptroller any moneys or other property not required by the
  provisions of this chapter to be so paid or delivered,  such  moneys  or

  other  property shall, for the purposes of this article, be deemed to be
  abandoned property, unless and until  refunded  or  redelivered  by  the
  state comptroller to the person who paid or delivered the same to him.