Section 204. Disposition of proceeds

Of the proceeds of such sale, the
  lienor shall retain an amount sufficient to satisfy his  lien,  and  the
  expenses  of  advertisement  and  sale. The balance of such proceeds, if
  any, shall be held by the lienor subject to the demand of the owner,  or
  his  assignee  or legal representative, or any person entitled to notice
  of sale pursuant to section two hundred one of this  article.  A  notice
  that  such balance is so held shall be served personally or by mail upon
  all such persons. If such balance is not claimed by any of such  persons
  within thirty days from the day of sale, such balance shall be deposited
  with  the  treasurer  or  chamberlain  of  the  city  or village, or the
  commissioner of finance in the city of New York, or  the  supervisor  of
  the  town,  where  such  sale  was  held. There shall be filed with such
  deposit, the affidavit of the lienor, stating  the  name  and  place  of
  business  or residence of such persons, if known, the articles sold, the
  prices obtained therefor, that the notice required by this  article  was
  duly  served  and  how  served upon such persons, and that such sale was
  legally and how advertised. There shall also be filed therewith  a  copy
  of  the  notice  or  judgment served upon such persons and the notice of
  sale published or posted as required by this article. The  officer  with
  whom  such  balance  is deposited shall credit the same to such persons,
  and pay the same to such persons on demand and satisfactory evidence  of
  identity.  If such balance remains in the possession of such officer for
  a period of five years, unclaimed by a person legally entitled  thereto,
  it  shall  be  transferred  to the general funds of the town, village or
  city, and be applied and used as other moneys belonging  to  such  town,
  village or city.