§ 1107 — Deposit of funds

New York § 1107

• Jurisdiction: New York
• Law SCP: Surrogate's Court Procedure
• Art. 11: Public Administrators of the Counties Within the City of New York

Text

§ 1107. Deposit of funds.\n 1. The public administrators shall pay into the treasury of the city\nof New York all commissions and costs received by them from any source.\nSuch payments shall be made monthly and shall be accompanied by a sworn\nstatement in the form prescribed by the comptroller of the city of New\nYork showing in detail the costs and commissions received and allowed to\nthem.\n 2. The public administrators shall deposit to their respective credit\nall moneys by them severally collected and received within 5 days after\nreceipt in demand, time, thrift or other accounts in one or more banks\nor trust companies designated by the mayor, comptroller and commissioner\nof finance for the deposit of moneys of the city of New York or in such\naccounts in savings banks or savings and loan associations located in\ntheir respective counties. All interest received on such deposits shall\nbe credited to the respective estates. In case of the insolvency or\ninvoluntary liquidation of the depository all money so deposited shall\nbe entitled to equal priority of payment with that given by law to\ndeposits of money by the state superintendent of financial services.\n 3. Each public administrator shall whenever required exhibit to the\ncity comptroller and the surrogate of the county where appointed the\nbank books or statements and all other vouchers and documents relating\nto his office. The comptroller and surrogate shall examine the bank\nbooks and statements showing the deposits and the vouchers on which the\ncheck is required to be drawn and shall satisfy himself fully as to the\ncorrectness thereof and in case of doubt or difficulty he shall report\nthe case to the mayor for his direction.\n