N.Y. Civil Practice Law & Rules § 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.