§ 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.\n1. There is hereby established in the custody of the state comptroller a\nspecial fund to be known as the "lawyers' fund for clients protection of\nthe state of New York".\n 2. The full amount of the allocable portion of the biennial\nregistration fee collected pursuant to the provisions of section four\nhundred sixty-eight-a of the judiciary law and such other monies as may\nbe credited or otherwise transferred from any other fund or source,\npursuant to law, including voluntary contributions, together with any\ninterest accrued thereon, shall be deposited to the credit of the\nlawyers' fund for client protection of the state of New York. All\ndeposits of such revenues not otherwise required for the payment of\nclaims as hereinafter prescribed shall be secured by obligations of the\nUnited States or of the state having a market value equal at all times\nto the amount of such deposits and all banks and trust companies are\nauthorized to give security for such deposits. Any such revenues in such\nfund, may be invested in obligations of the United States or of the\nstate, or in obligations the principal and interest on which are\nguaranteed by the United States or by the state.\n