Section 705. Unclaimed and undistributed property held by superintendent of insurance, as liquidator, upon completion of proceeding

 1. Upon  filing
  the  final  report  or accounting of the superintendent of insurance, as
  liquidator, closing any proceeding commenced under article  seventy-four
  of  the  insurance  law,  all  unclaimed and undistributed dividends and
  other assets of  every  nature  and  description  whatsoever,  including
  assets  of  a  special  or  trust  nature,  which  have been held by the
  liquidator for five years or more, and which the liquidator has not been
  specifically directed to hold for  a  longer  period  by  supreme  court
  order, shall be deemed abandoned property.
    2.   Any  such  abandoned  property  held  by  the  superintendent  of
  insurance, as liquidator, to which the right  to  receive  the  same  is
  established as provided by law, shall cease to be deemed abandoned.