Section 1212. Disposition of moneys retained; surplus; unclaimed distributions  


Latest version.
  • (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.