§ 182. Deposit and investment of money paid into court. All funds or
moneys paid into court shall be deposited in such savings bank, trust
company, bank, banking association or with such banker, as shall be
designated by the state comptroller, as soon as received by the
custodian thereof. But the money must be deposited in the county where
the fund belongs, where it can be done conveniently and safely and with
advantage to the parties interested. All moneys so paid into court may
be invested by the several county treasurers and in the city of New York
by the commissioner of finance without a specific direction of the court
having jurisdiction, in securities that are legal investments for
trustees, when the said county treasurers or commissioner of finance
deem it for the best interests of the funds to make such investments.
All moneys paid into a court of the unified court system, other than a
town or village court, pursuant to the provisions of title P of the
criminal procedure law, which remain in the court's custody, shall,
during such custody, be deposited in an interest-bearing account, and
all interest thereupon received shall be paid to the state commissioner
of taxation and finance on a monthly basis no later than ten days after
the last day of each month.