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This entry was published on 2014-09-22
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Payment of money or securities into court
Civil Practice Law & Rules (CVP) CHAPTER 8, ARTICLE 26
§ 2601. Payment of money or securities into court. (a) Discharge of
party paying money into court. A party paying money into court pursuant
to the direction of the court is discharged thereby from all further
liability to the extent of the money so paid in.

(b) Delivery of money and securities to county treasurer; commissioner
of finance of city of New York. All moneys and securities paid into
court shall be delivered either by the party making the payment into
court or when an officer other than the county treasurer first receives
them, by that officer, to the county treasurer of the county where the
action is triable or to such other county treasurer as the court
specially directs. Where money or securities are received by an officer
other than the county treasurer, he shall deliver them to the county
treasurer within two days after he receives them. The commissioner of
finance of the city of New York shall be considered the treasurer of
each of the counties included within the city.

(c) Title to funds paid into court. Title for the benefit of
interested parties is vested in the county treasurer to whom any
security is transferred pursuant to this article. Any security
purchased by the county treasurer as an investment of money paid into
court shall be purchased in the name of his office. He may bring an
action upon or in relation to a security in his official or
representative character.

(d) Subsequent control of money or securities paid into court. A court
may direct that money or securities in the custody of a county treasurer
pursuant to this section be transferred or invested as it deems proper.