§ 97-t. Lawyers' fund for client protection of the state of New York.
1. There is hereby established in the custody of the state comptroller a
special fund to be known as the "lawyers' fund for clients protection of
the state of New York".

2. The full amount of the allocable portion of the biennial
registration fee collected pursuant to the provisions of section four
hundred sixty-eight-a of the judiciary law and such other monies as may
be credited or otherwise transferred from any other fund or source,
pursuant to law, including voluntary contributions, together with any
interest accrued thereon, shall be deposited to the credit of the
lawyers' fund for client protection of the state of New York. All
deposits of such revenues not otherwise required for the payment of
claims as hereinafter prescribed shall be secured by obligations of the
United States or of the state having a market value equal at all times
to the amount of such deposits and all banks and trust companies are
authorized to give security for such deposits. Any such revenues in such
fund, may be invested in obligations of the United States or of the
state, or in obligations the principal and interest on which are
guaranteed by the United States or by the state.