N.Y. State Finance Law § 182: Deposit and investment of money paid into court

§ 182. Deposit and investment of money paid into court. All funds or

moneys paid into court shall be deposited in such savings bank, trust

company, bank, banking association or with such banker, as shall be

designated by the state comptroller, as soon as received by the

custodian thereof. But the money must be deposited in the county where

the fund belongs, where it can be done conveniently and safely and with

advantage to the parties interested. All moneys so paid into court may

be invested by the several county treasurers and in the city of New York

by the commissioner of finance without a specific direction of the court

having jurisdiction, in securities that are legal investments for

trustees, when the said county treasurers or commissioner of finance

deem it for the best interests of the funds to make such investments.

All moneys paid into a court of the unified court system, other than a

town or village court, pursuant to the provisions of title P of the

criminal procedure law, which remain in the court's custody, shall,

during such custody, be deposited in an interest-bearing account, and

all interest thereupon received shall be paid to the state commissioner

of taxation and finance on a monthly basis no later than ten days after

the last day of each month.