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This entry was published on 2014-09-22
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Deposit of funds
Surrogate's Court Procedure Act (SCP) CHAPTER 59-A, ARTICLE 11
§ 1107. Deposit of funds.

1. The public administrators shall pay into the treasury of the city
of New York all commissions and costs received by them from any source.
Such payments shall be made monthly and shall be accompanied by a sworn
statement in the form prescribed by the comptroller of the city of New
York showing in detail the costs and commissions received and allowed to

2. The public administrators shall deposit to their respective credit
all moneys by them severally collected and received within 5 days after
receipt in demand, time, thrift or other accounts in one or more banks
or trust companies designated by the mayor, comptroller and commissioner
of finance for the deposit of moneys of the city of New York or in such
accounts in savings banks or savings and loan associations located in
their respective counties. All interest received on such deposits shall
be credited to the respective estates. In case of the insolvency or
involuntary liquidation of the depository all money so deposited shall
be entitled to equal priority of payment with that given by law to
deposits of money by the state superintendent of financial services.

3. Each public administrator shall whenever required exhibit to the
city comptroller and the surrogate of the county where appointed the
bank books or statements and all other vouchers and documents relating
to his office. The comptroller and surrogate shall examine the bank
books and statements showing the deposits and the vouchers on which the
check is required to be drawn and shall satisfy himself fully as to the
correctness thereof and in case of doubt or difficulty he shall report
the case to the mayor for his direction.