Section 514. Reimbursement of brokers or dealers

 1. A broker or dealer
  which has paid or delivered to the state comptroller abandoned  property
  pursuant to section five hundred twelve may elect to make payment to the
  person entitled thereto. A broker or dealer making such payment may file
  claim  for reimbursement by the state comptroller. The state comptroller
  upon satisfactory proof of such payment shall,  after  audit,  reimburse
  such  broker  or  dealer. In no event, however, shall such reimbursement
  exceed the  amount  to  which  the  claimant  is  entitled  pursuant  to
  subdivision two of section fourteen hundred three of this chapter.
    2.  A  broker  or  dealer  which  has  paid  to  the state comptroller
  abandoned property  relating  to  any  of  the  years  nineteen  hundred
  sixty-seven,  nineteen  hundred sixty-eight, nineteen hundred sixty-nine
  or nineteen hundred seventy, determined pursuant to subdivision  six  of
  section  five  hundred eleven, may elect thereafter to make payment to a
  person entitled to receive (i) a stock or cash dividend received in this
  state during any such year by such broker or dealer, or nominee of  such
  broker  or  dealer,  as  the  holder of record of a security, or (ii) an
  interest payment on a security received in this state  during  any  such
  year  by  such  broker or dealer, or nominee of such broker or dealer. A
  broker  or  dealer  making  any  such  payment  may   file   claim   for
  reimbursement  by  the  state  comptroller. Subject to the provisions of
  this subdivision, the state comptroller upon satisfactory proof  that  a
  broker  or dealer has made payment to the person entitled thereto shall,
  after audit of such claim, reimburse such broker or dealer. In no  event
  shall  the  amount  or  amounts reimbursed by the state comptroller to a
  broker  or  dealer  relating  to  any  of  the  years  nineteen  hundred
  sixty-seven,  nineteen  hundred sixty-eight, nineteen hundred sixty-nine
  or nineteen hundred seventy, plus amounts paid by the state  comptroller
  to  any  person claiming such abandoned property relating to any of such
  years, exceed the amount paid by the  broker  or  dealer  to  the  state
  comptroller  pursuant  to subdivision six of section five hundred eleven
  relating to such year. In no event shall the amount paid  by  the  state
  comptroller to any person claiming a stock dividend received by a broker
  or dealer, or nominee of such broker or dealer, in any of such years, or
  to  a  broker  or dealer in reimbursement of any such claim paid by such
  broker or dealer, exceed the  value  of  such  stock  dividend  as  most
  recently reported by any generally recognized statistical service on the
  thirty-first  day of December of the year in which such stock was deemed
  abandoned property.