N.Y. County Law § 551: Court and trust funds

§ 551. Court and trust funds. 1. Upon demand being made in writing by

any person interested therein either as beneficiary or as guardian,

committee, conservator, next of kin or personal representative of any

beneficiary, the county treasurer shall within ten days after the first

day of July in each year make and file in the office of the clerk of his

county, a special report in respect to any trust in which the person in

behalf of whom the said demand is made may be interested, which shall

contain a statement of all moneys or securities in his hands belonging

to infants, or other persons, for whom invested and how invested with a

particular description of such securities, containing a statement of the

amount due thereon for principal and interest with a statement of his

account for each infant up to the date of said report, the amount in his

hands invested and uninvested and to whom the same belongs and if he has

in his hands any money not invested such report shall state the amount

thereof, the length of time the same has been in his hands uninvested

and the reasons therefor and whether the moneys so uninvested are for

principal and interest and the length of time any principal sum thereof

shall have remained so uninvested during the year preceding the date of

such report, which report he shall verify to be in all respects true.

2. Whenever required so to do by the state comptroller he shall

commence and maintain an action at the expense of the county for the

recovery of all moneys and securities paid into court, or that belong to

any heir, litigant or party, or that stand to the credit of any action

or proceeding, which have come into the hands of any county treasurer

whose right to office already has expired, or hereafter shall expire, or

which have been placed to his credit in any bank or depositary, or with

which he is in any way chargeable and which have not been delivered to

his successor and for all increase, loss, penalty, damage or expense

lawfully chargeable to such treasurer in connection therewith. A party

to whom such county treasurer may have transferred or assigned any

security or other property belonging to any fund held by him may be made

a defendant in the same action and the rights of the several parties

determined therein. Any action so brought at the direction of the state

comptroller shall not be discontinued or compromised without the

approval of the state comptroller.

3. Whenever any county treasurer, after service on him personally, or

by leaving at his office, in his absence, with some person having charge

thereof, or if such service cannot be made, by leaving with some person

of suitable age and discretion at his place of residence, or at his last

place of residence in the county, if he has departed therefrom, of a

certified copy of an order or judgment of the court, directing the

payment or delivery of any money, stocks, securities or other

investments held by him pursuant to an order of the court, to any person

or persons, shall fail or neglect so to do, or where any county

treasurer has invested or loaned any moneys held by him contrary to an

order of the court or of law and shall fail or neglect when required so

to do, to pay over the amount of the moneys so invested to the person or

persons entitled thereto, the court may, by order, direct that an action

be brought upon the official bond of such treasurer, against him and his

sureties for the amount so directed to be paid or delivered, or of the

moneys so invested in inadequate or worthless security for the benefit

of the person or persons in whose behalf the direction shall have been

by such order given and whose name or names appear therein, or their

assigns and thereupon such action may be brought for such purpose.