§ 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.