N.Y. CNT Law § 551 — New York Code / Act CNT / Article 13 / Section 551
Court and trust funds
Status: in_force

§ 551. Court and trust funds. 1. Upon demand being made in writing by\nany person interested therein either as beneficiary or as guardian,\ncommittee, conservator, next of kin or personal representative of any\nbeneficiary, the county treasurer shall within ten days after the first\nday of July in each year make and file in the office of the clerk of his\ncounty, a special report in respect to any trust in which the person in\nbehalf of whom the said demand is made may be interested, which shall\ncontain a statement of all moneys or securities in his hands belonging\nto infants, or other persons, for whom invested and how invested with a\nparticular description of such securities, containing a statement of the\namount due thereon for principal and interest with a statement of his\naccount for each infant up to the date of said report, the amount in his\nhands invested and uninvested and to whom the same belongs and if he has\nin his hands any money not invested such report shall state the amount\nthereof, the length of time the same has been in his hands uninvested\nand the reasons therefor and whether the moneys so uninvested are for\nprincipal and interest and the length of time any principal sum thereof\nshall have remained so uninvested during the year preceding the date of\nsuch report, which report he shall verify to be in all respects true.\n  2. Whenever required so to do by the state comptroller he shall\ncommence and maintain an action at the expense of the county for the\nrecovery of all moneys and securities paid into court, or that belong to\nany heir, litigant or party, or that stand to the credit of any action\nor proceeding, which have come into the hands of any county treasurer\nwhose right to office already has expired, or hereafter shall expire, or\nwhich have been placed to his credit in any bank or depositary, or with\nwhich he is in any way chargeable and which have not been delivered to\nhis successor and for all increase, loss, penalty, damage or expense\nlawfully chargeable to such treasurer in connection therewith. A party\nto whom such county treasurer may have transferred or assigned any\nsecurity or other property belonging to any fund held by him may be made\na defendant in the same action and the rights of the several parties\ndetermined therein. Any action so brought at the direction of the state\ncomptroller shall not be discontinued or compromised without the\napproval of the state comptroller.\n  3. Whenever any county treasurer, after service on him personally, or\nby leaving at his office, in his absence, with some person having charge\nthereof, or if such service cannot be made, by leaving with some person\nof suitable age and discretion at his place of residence, or at his last\nplace of residence in the county, if he has departed therefrom, of a\ncertified copy of an order or judgment of the court, directing the\npayment or delivery of any money, stocks, securities or other\ninvestments held by him pursuant to an order of the court, to any person\nor persons, shall fail or neglect so to do, or where any county\ntreasurer has invested or loaned any moneys held by him contrary to an\norder of the court or of law and shall fail or neglect when required so\nto do, to pay over the amount of the moneys so invested to the person or\npersons entitled thereto, the court may, by order, direct that an action\nbe brought upon the official bond of such treasurer, against him and his\nsureties for the amount so directed to be paid or delivered, or of the\nmoneys so invested in inadequate or worthless security for the benefit\nof the person or persons in whose behalf the direction shall have been\nby such order given and whose name or names appear therein, or their\nassigns and thereupon such action may be brought for such purpose.\n