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All funds or moneys paid into court shall be deposited in such savings bank, trust company, bank, banking association or with such banker, as shall be designated by the state comptroller, as soon as received by the custodian thereof. But the money must be deposited in the county where the fund belongs, where it can be done conveniently and safely and with advantage to the parties interested. All moneys so paid into court may be invested by the several county treasurers and in the city of New York by the commissioner of finance without a specific direction of the court having jurisdiction, in securities that are legal investments for trustees, when the said county treasurers or commissioner of finance deem it for the best interests of the funds to make such investments. All moneys paid into a court of the unified court system, other than a town or village court, pursuant to the provisions of title P of the criminal procedure law, which remain in the court's custody, shall, during such custody, be deposited in an interest-bearing account, and all interest thereupon received shall be paid to the state commissioner of taxation and finance on a monthly basis no later than ten days after the last day of each month.
Cite this article: FindLaw.com - New York Consolidated Laws, State Finance Law - STF § 182. Deposit and investment of money paid into court - last updated January 01, 2021 | https://codes.findlaw.com/ny/state-finance-law/stf-sect-182/
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