Case Name: Serf Realty Co., Appellant, et al., Claimant, v. State of New York, Respondent
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 1996-06-03
Citations: 228 A.D.2d 428
Docket Number: 
Parties: Serf Realty Co., Appellant, et al., Claimant, v State of New York, Respondent.
Judges: 
Reporter: Appellate Division Reports
Volume: 228
Pages: 428–428

Head Matter:
Serf Realty Co., Appellant, et al., Claimant, v State of New York, Respondent.
[643 NYS2d 663]

Opinion:
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.