§ 2601 — Payment of money or securities into court

New York § 2601

• Jurisdiction: New York
• Law CVP: Civil Practice Law & Rules
• Art. 26: Property Paid Into Court

Text

§ 2601. Payment of money or securities into court. (a) Discharge of\nparty paying money into court. A party paying money into court pursuant\nto the direction of the court is discharged thereby from all further\nliability to the extent of the money so paid in.\n (b) Delivery of money and securities to county treasurer; commissioner\nof finance of city of New York. All moneys and securities paid into\ncourt shall be delivered either by the party making the payment into\ncourt or when an officer other than the county treasurer first receives\nthem, by that officer, to the county treasurer of the county where the\naction is triable or to such other county treasurer as the court\nspecially directs. Where money or securities are received by an officer\nother than the county treasurer, he shall deliver them to the county\ntreasurer within two days after he receives them. The commissioner of\nfinance of the city of New York shall be considered the treasurer of\neach of the counties included within the city.\n (c) Title to funds paid into court. Title for the benefit of\ninterested parties is vested in the county treasurer to whom any\nsecurity is transferred pursuant to this article. Any security\npurchased by the county treasurer as an investment of money paid into\ncourt shall be purchased in the name of his office. He may bring an\naction upon or in relation to a security in his official or\nrepresentative character.\n (d) Subsequent control of money or securities paid into court. A court\nmay direct that money or securities in the custody of a county treasurer\npursuant to this section be transferred or invested as it deems proper.\n