N.Y. State Finance Law § 97-t: Lawyers' fund for client protection of the state of New York

§ 97-t. Lawyers' fund for client protection of the state of New York.

1. There is hereby established in the custody of the state comptroller a

special fund to be known as the "lawyers' fund for clients protection of

the state of New York".

2. The full amount of the allocable portion of the biennial

registration fee collected pursuant to the provisions of section four

hundred sixty-eight-a of the judiciary law and such other monies as may

be credited or otherwise transferred from any other fund or source,

pursuant to law, including voluntary contributions, together with any

interest accrued thereon, shall be deposited to the credit of the

lawyers' fund for client protection of the state of New York. All

deposits of such revenues not otherwise required for the payment of

claims as hereinafter prescribed shall be secured by obligations of the

United States or of the state having a market value equal at all times

to the amount of such deposits and all banks and trust companies are

authorized to give security for such deposits. Any such revenues in such

fund, may be invested in obligations of the United States or of the

state, or in obligations the principal and interest on which are

guaranteed by the United States or by the state.