2012 New York Consolidated Laws
CVP - Civil Practice Law & Rules
Article 26 - (2601 - R2609) PROPERTY PAID INTO COURT
2601 - Payment of money or securities into court.

 
    §  2601.  Payment  of money or securities into court. (a) Discharge of
  party paying money into court. A party paying money into court  pursuant
  to  the  direction  of  the court is discharged thereby from all further
  liability to the extent of the money so paid in.
    (b) Delivery of money and securities to county treasurer; commissioner
  of finance of city of New York. All  moneys  and  securities  paid  into
  court  shall  be  delivered  either by the party making the payment into
  court or when an officer other than the county treasurer first  receives
  them,  by  that officer, to the county treasurer of the county where the
  action is triable or  to  such  other  county  treasurer  as  the  court
  specially  directs. Where money or securities are received by an officer
  other than the county treasurer, he shall deliver  them  to  the  county
  treasurer  within  two  days after he receives them. The commissioner of
  finance of the city of New York shall be  considered  the  treasurer  of
  each of the counties included within the city.
    (c)  Title  to  funds  paid  into  court.  Title  for  the  benefit of
  interested parties is  vested  in  the  county  treasurer  to  whom  any
  security  is  transferred  pursuant  to  this  article.    Any  security
  purchased by the county treasurer as an investment of  money  paid  into
  court  shall  be  purchased  in the name of his office.  He may bring an
  action  upon  or  in  relation  to  a  security  in  his   official   or
  representative character.
    (d) Subsequent control of money or securities paid into court. A court
  may direct that money or securities in the custody of a county treasurer
  pursuant to this section be transferred or invested as it deems proper.