N.Y. County Law § 906: Liability of city of New York for loss of court and trust funds

§ 906. Liability of city of New York for loss of court and trust

funds. The city of New York shall be responsible for all property or

moneys deposited with the commissioner of finance by virtue of any

judgment, decree or order of a court of record in this state provided,

however, that the city shall not be held liable for any loss due to the

depreciated value of an investment legal at the time of its purchase and

which continued to be a legal investment during the period of the trust.

An action to recover any loss to or of such fund may be brought against

the city by any party aggrieved or by the state comptroller in a court

of competent jurisdiction.