2012 New York Consolidated Laws
RPP - Real Property
Article 12 - (370 - 436) REGISTERING TITLE TO REAL PROPERTY
426 - Assurance fund.

 
    §  426.  Assurance  fund.  1.  Upon  the original registration of real
  property, there shall be paid to the  registrar  one-tenth  of  one  per
  centum  of  the  value  thereof  on the basis of the last assessment for
  local taxation, as an assurance fund for land registered in his  county.
  Subsequent to the original registration, there shall also be paid to the
  registrar,  and  by  him  transferred  to  the  said  fund, the parts or
  portions of the fees so designated by section four  hundred  four-a  and
  section four hundred thirty-two of this article.  All moneys so received
  by  the  registrar under the provisions of this section shall be paid to
  the treasurer of the county (in New York city  to  the  commissioner  of
  finance),  and  shall be invested by him in the same manner as are other
  trust funds.   All such moneys  as  have  been  so  transferred  by  the
  registrar  to  the treasurer of the county (in New York city to the city
  chamberlain)  prior  to  the  first  day  of  July,   nineteen   hundred
  twenty-nine,  and  have been disposed of as provided by the law prior to
  said date, shall be returned to such treasurer of  the  county  (in  New
  York  city  to  the  commissioner of finance) and shall become a part of
  such trust fund.  The proper local county or city authorities are hereby
  authorized and directed to make such appropriations of funds as  may  be
  necessary for this purpose.  Said treasurer (or commissioner of finance)
  shall  keep  a  separate account of such trust funds and report annually
  thereon as required by law in reference to  other  trust  funds  in  his
  hands.
    2.  All  assurance funds held by the treasurer of the county or in New
  York city by the commissioner of finance, pursuant to this  section  for
  more  than  six  years shall be deemed surplus. All monies in said fund,
  which have been deemed surplus, or so much thereof as may be  necessary,
  shall be made available on January first, nineteen hundred ninety-seven,
  and  shall  be  used  to  cover  the costs incurred while performing the
  transfers required by section four hundred thirty-six of  this  article.
  Provided  there  are no claims filed against said fund that would affect
  release, such remaining surplus funds may be released by such  treasurer
  or  commissioner of finance and paid into the general fund of the county
  or city.   If a claim is filed against  such  fund  subsequent  to  such
  release,  the general fund of such county shall repay the assurance fund
  such released funds with interest thereon at the prevailing rate  up  to
  the  amount of released funds sufficient to cover payments made pursuant
  to such claim.
    3. All such assurance funds created by any county  or  city  shall  be
  terminated  on January first, two thousand six, and all remaining monies
  are to be transferred to the general fund of the county or city.