§ 426. Assurance fund.
1.Upon the original registration of real\nproperty, there shall be paid to the registrar one-tenth of one per\ncentum of the value thereof on the basis of the last assessment for\nlocal taxation, as an assurance fund for land registered in his county.\nSubsequent to the original registration, there shall also be paid to the\nregistrar, and by him transferred to the said fund, the parts or\nportions of the fees so designated by section four hundred four-a and\nsection four hundred thirty-two of this article. All moneys so received\nby the registrar under the provisions of this section shall be paid to\nthe treasurer of the county (in New York city to the commissioner of\nfinance), and shall be invested by him in the same manner as are other\ntrust funds. All such
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§ 426. Assurance fund. 1. Upon the original registration of real\nproperty, there shall be paid to the registrar one-tenth of one per\ncentum of the value thereof on the basis of the last assessment for\nlocal taxation, as an assurance fund for land registered in his county.\nSubsequent to the original registration, there shall also be paid to the\nregistrar, and by him transferred to the said fund, the parts or\nportions of the fees so designated by section four hundred four-a and\nsection four hundred thirty-two of this article. All moneys so received\nby the registrar under the provisions of this section shall be paid to\nthe treasurer of the county (in New York city to the commissioner of\nfinance), and shall be invested by him in the same manner as are other\ntrust funds. All such moneys as have been so transferred by the\nregistrar to the treasurer of the county (in New York city to the city\nchamberlain) prior to the first day of July, nineteen hundred\ntwenty-nine, and have been disposed of as provided by the law prior to\nsaid date, shall be returned to such treasurer of the county (in New\nYork city to the commissioner of finance) and shall become a part of\nsuch trust fund. The proper local county or city authorities are hereby\nauthorized and directed to make such appropriations of funds as may be\nnecessary for this purpose. Said treasurer (or commissioner of finance)\nshall keep a separate account of such trust funds and report annually\nthereon as required by law in reference to other trust funds in his\nhands.\n 2. All assurance funds held by the treasurer of the county or in New\nYork city by the commissioner of finance, pursuant to this section for\nmore than six years shall be deemed surplus. All monies in said fund,\nwhich have been deemed surplus, or so much thereof as may be necessary,\nshall be made available on January first, nineteen hundred ninety-seven,\nand shall be used to cover the costs incurred while performing the\ntransfers required by section four hundred thirty-six of this article.\nProvided there are no claims filed against said fund that would affect\nrelease, such remaining surplus funds may be released by such treasurer\nor commissioner of finance and paid into the general fund of the county\nor city. If a claim is filed against such fund subsequent to such\nrelease, the general fund of such county shall repay the assurance fund\nsuch released funds with interest thereon at the prevailing rate up to\nthe amount of released funds sufficient to cover payments made pursuant\nto such claim.\n 3. All such assurance funds created by any county or city shall be\nterminated on January first, two thousand six, and all remaining monies\nare to be transferred to the general fund of the county or city.\n