N.Y. Surrogate's Court Procedure Act § 1107: Deposit of funds

§ 1107. Deposit of funds.

1. The public administrators shall pay into the treasury of the city

of New York all commissions and costs received by them from any source.

Such payments shall be made monthly and shall be accompanied by a sworn

statement in the form prescribed by the comptroller of the city of New

York showing in detail the costs and commissions received and allowed to

them.

2. The public administrators shall deposit to their respective credit

all moneys by them severally collected and received within 5 days after

receipt in demand, time, thrift or other accounts in one or more banks

or trust companies designated by the mayor, comptroller and commissioner

of finance for the deposit of moneys of the city of New York or in such

accounts in savings banks or savings and loan associations located in

their respective counties. All interest received on such deposits shall

be credited to the respective estates. In case of the insolvency or

involuntary liquidation of the depository all money so deposited shall

be entitled to equal priority of payment with that given by law to

deposits of money by the state superintendent of financial services.

3. Each public administrator shall whenever required exhibit to the

city comptroller and the surrogate of the county where appointed the

bank books or statements and all other vouchers and documents relating

to his office. The comptroller and surrogate shall examine the bank

books and statements showing the deposits and the vouchers on which the

check is required to be drawn and shall satisfy himself fully as to the

correctness thereof and in case of doubt or difficulty he shall report

the case to the mayor for his direction.