§ 8-07 Depositaries.
RCNY § 8-07
(a)Books of account. Each duly designated depositary is required to keep a separate account for each action or proceeding, in connection with which funds or moneys are deposited therein, showing the name of the court, the title of the action or proceeding, the amount deposited, the date of receipt, from whom received and a record of each additional receipt or credit of interest to and each withdrawal of moneys therefrom. Also an account of each change of investment if any.
(b)Payment of interest. Depositaries are required to pay interest on deposits of money paid into courts of record at a rate satisfactory to the State, Comptroller and in no event less than the highest rate being paid by the depositary on other accounts having similar maturities. Such interest must be computed from the date of deposit to the date of withdrawal, except that no interest shall be payable on moneys withdrawn within 30 days from the date of deposit. Interest is to be credited not less often than January 1 and July 1 of each year.
(c)Certificate of balances. Each depositary shall furnish annually to the Commissioner of Finance from whom deposits of money paid into court have been received, a certificate of the proper officer of such depositary stating the exact mount on deposit to the credit of each action and proceeding separately on December 31, including interest credits as of January 1 following. Such certificate shall be furnished within 10 days after December 31 in each year.
(d)Undertakings and collateral. Depositaries, other than savings banks, are required to execute and deliver undertakings and to pledge collateral to secure deposits of court and trust funds, as may be required by the State Comptroller.
