Case ID: ad2d_228/html/0428-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Serf Realty Co., Appellant, et al., Claimant, v State of New York, Respondent.
    [643 NYS2d 663]
   The State’s obligation to pay interest terminates upon deposit of an advance payment into an interest-bearing account pursuant to State Finance Law § 97-dd (see, EDPL 304 [E]; 514). Therefore, for the period when the advance payment was deposited in that account, the rate earned by the State’s short-term investment pool was the correct rate of interest.

In light of our determination, we need not reach the appellant’s remaining contentions. Thompson, J. P., Altman, Gold-stein and McGinity, JJ., concur.