§ 551. Court and trust funds. 1. Upon demand being made in writing by
any person interested therein either as beneficiary or as guardian,
committee, conservator, next of kin or personal representative of any
beneficiary, the county treasurer shall within ten days after the first
day of July in each year make and file in the office of the clerk of his
county, a special report in respect to any trust in which the person in
behalf of whom the said demand is made may be interested, which shall
contain a statement of all moneys or securities in his hands belonging
to infants, or other persons, for whom invested and how invested with a
particular description of such securities, containing a statement of the
amount due thereon for principal and interest with a statement of his
account for each infant up to the date of said report, the amount in his
hands invested and uninvested and to whom the same belongs and if he has
in his hands any money not invested such report shall state the amount
thereof, the length of time the same has been in his hands uninvested
and the reasons therefor and whether the moneys so uninvested are for
principal and interest and the length of time any principal sum thereof
shall have remained so uninvested during the year preceding the date of
such report, which report he shall verify to be in all respects true.

2. Whenever required so to do by the state comptroller he shall
commence and maintain an action at the expense of the county for the
recovery of all moneys and securities paid into court, or that belong to
any heir, litigant or party, or that stand to the credit of any action
or proceeding, which have come into the hands of any county treasurer
whose right to office already has expired, or hereafter shall expire, or
which have been placed to his credit in any bank or depositary, or with
which he is in any way chargeable and which have not been delivered to
his successor and for all increase, loss, penalty, damage or expense
lawfully chargeable to such treasurer in connection therewith. A party
to whom such county treasurer may have transferred or assigned any
security or other property belonging to any fund held by him may be made
a defendant in the same action and the rights of the several parties
determined therein. Any action so brought at the direction of the state
comptroller shall not be discontinued or compromised without the
approval of the state comptroller.

3. Whenever any county treasurer, after service on him personally, or
by leaving at his office, in his absence, with some person having charge
thereof, or if such service cannot be made, by leaving with some person
of suitable age and discretion at his place of residence, or at his last
place of residence in the county, if he has departed therefrom, of a
certified copy of an order or judgment of the court, directing the
payment or delivery of any money, stocks, securities or other
investments held by him pursuant to an order of the court, to any person
or persons, shall fail or neglect so to do, or where any county
treasurer has invested or loaned any moneys held by him contrary to an
order of the court or of law and shall fail or neglect when required so
to do, to pay over the amount of the moneys so invested to the person or
persons entitled thereto, the court may, by order, direct that an action
be brought upon the official bond of such treasurer, against him and his
sureties for the amount so directed to be paid or delivered, or of the
moneys so invested in inadequate or worthless security for the benefit
of the person or persons in whose behalf the direction shall have been
by such order given and whose name or names appear therein, or their
assigns and thereupon such action may be brought for such purpose.