Court and Trust Funds

RCNY tit. 19, ch. 8

in effect

19 RCNY § 8-01 Deposit with Commissioner of Finance of Funds or Securities.

§ 8-01 Deposit with Commissioner of Finance of Funds or Securities. Each deposit of money or securities with the Commissioner of Finance must be accompanied by either: (a) a certified copy of the judgment, order or decree directing the deposit or payment into court, or an excerpt thereof that includes such direction, under the seal of the court, or (b) a certificate, under the seal of the court, made by the clerk of the court whose duty it is first to receive the deposit in cases in which moneys or securities may be deposited or paid into court pursuant to statute. For example, a tender into court, a deposit to discharge a judgment or a mechanic's lien, security for costs in certain cases; deposits of civil bail; a surplus arising upon the sale of property by a sheriff under an execution or by a referee in mortgage foreclosure proceedings by advertising. This certificate must contain the following information: (1) name of court, or source of receipt if deposited without court order; (2) title of the action or proceeding; (3) by whom, for whom, and for what purpose the deposit is made; (4) date of original receipt by official making deposit; and (5) if the deposit consists of cash, the amount thereof, or if it be securities, the nature and description of the same.

19 RCNY § 8-02 Necessity of Certified Court Order for Payment.

§ 8-02 Necessity of Certified Court Order for Payment. (a) No payment, investment, surrender or delivery of court funds, property or security may be made by the Commissioner of Finance or any depositary, without a certified copy of an order or decree of the court having jurisdiction of such funds, property and securities, directing each such payment, investment, surrender or delivery. Payments may not be made on affidavits and proof of age alone. Moneys deposited for or on behalf of an infant payable when the infant attains his majority are not to be paid under the order directing the deposit unless that order also expressly directs the payment of such money on or after the day, month and year therein specified when the infant becomes of legal age. (b) Court orders must be certified by the clerk of the court (CPLR § 2607). (c) When the whole or remaining balance of payments of money into court in an action, or of a distributive share thereof, or any security or other property, is directed to be paid out of court, the order must direct the payment of all accrued income belonging to the party to whom such money or distributive share or remaining balance thereof, or security or other property is paid. (d) If it is desired that the check for payment be mailed to the attorney for the claimant, a direction to that effect must be incorporated in the order of payment.

19 RCNY § 8-03 Certificate of Deposit by Commissioner of Finance.

§ 8-03 Certificate of Deposit by Commissioner of Finance. A certificate of deposit or other document showing the amount of money held by the Commissioner of Finance for the benefit of any person will be issued by the Court and Trust Fund Division of the Department of Finance upon fulfillment of the following prerequisites: (a) An application on forms furnished by the Department of Finance must be completed and filed by the person claiming the right to possession of the funds, or by an attorney acting on his behalf. (b) The Commissioner of Finance or his designee may require the claimant to appear at the Commissioner's office and to produce satisfactory evidence of the fact that the claimant is the person lawfully entitled to possession of the funds, and to complete and file additional written statements to satisfactorily establish the claimant's right to the funds. If the claimant is absent from the City or is unable to appear in person at the Commissioner of Finance's office by reason of physical or other disability, or by reason of military service, satisfactory proof of such fact may be required, and an attorney or other person acting on behalf of the claimant may be required to produce proof of his or her authority to act. At any time after the issuance of a certificate of deposit, and up to the actual payment of the funds on deposit to the claimant or to such other person as may be entitled thereto, the Commissioner of Finance or the Commissioner's designee may require proof similar to that described in this section, as well as copies of the petition, affidavits and exhibits upon which the order was granted.

19 RCNY § 8-04 Vouchers.

§ 8-04 Vouchers. Any of the following will be considered a proper voucher for payments of money out of court, by the Department of Finance. (a) A check properly endorsed and bearing proper evidence of payment by the bank on which it was drawn to the person or persons to whom payment was directed to be made. (b) A proper receipt or voucher signed by the person or persons to whom payment is directed to be made or to whom securities or other property are directed to be assigned or delivered. Such receipt must be filed at the time of any payment, assignment or delivery directed by the order of the court.

19 RCNY § 8-05 Transfer of Funds.

§ 8-05 Transfer of Funds. Funds may not be transferred from one depositary to another except pursuant to the direction of a court order, or of the State Comptroller.

19 RCNY § 8-06 Fees.

§ 8-06 Fees. (a) The Commissioner of Finance is entitled, for services, to the following fees: For each certificate of deposit - $1 Upon moneys paid out of court - 2% except as set forth in subdivision (c) Upon moneys invested - 1/2 of 1% Upon securities deposited in court and received by the Commissioner - 2 percent of the par value of the securities Upon investments transferred or assigned out of court by the Commissioner, when the investments have been made by the Commissioner - 2 percent of the par value of the investments. (b) Unless the court otherwise specially directs, all fees for payment of money out of court will be deducted from the amount paid and not from the balance remaining to the credit of the action or proceeding. However, if a judgment or other evidence of debt is a lien upon the funds or portion thereof, or the expenses of litigation (such as referee's fees, county clerk's fees or subpoena fees, etc.) are directed to be paid therefrom, the fees of the Department of Finance are to be deducted from the sum or sums remaining of the share or shares which bear such expenses, if sufficient; if insufficient, the amount to be applied to such expenses is the amount remaining of such sum or sums after deducting the fees of the Department of Finance. (c) The Department waives the fees to which the Commissioner is entitled pursuant to subdivisions 1, 3 and 4 of Section 99-m of the general municipal law. (Amended City Record 1/18/2018, eff. 2/17/2018)

19 RCNY § 8-07 Depositaries.

§ 8-07 Depositaries. (a) Books of account. Each duly designated depositary is required to keep a separate account for each action or proceeding, in connection with which funds or moneys are deposited therein, showing the name of the court, the title of the action or proceeding, the amount deposited, the date of receipt, from whom received and a record of each additional receipt or credit of interest to and each withdrawal of moneys therefrom. Also an account of each change of investment if any. (b) Payment of interest. Depositaries are required to pay interest on deposits of money paid into courts of record at a rate satisfactory to the State, Comptroller and in no event less than the highest rate being paid by the depositary on other accounts having similar maturities. Such interest must be computed from the date of deposit to the date of withdrawal, except that no interest shall be payable on moneys withdrawn within 30 days from the date of deposit. Interest is to be credited not less often than January 1 and July 1 of each year. (c) Certificate of balances. Each depositary shall furnish annually to the Commissioner of Finance from whom deposits of money paid into court have been received, a certificate of the proper officer of such depositary stating the exact mount on deposit to the credit of each action and proceeding separately on December 31, including interest credits as of January 1 following. Such certificate shall be furnished within 10 days after December 31 in each year. (d) Undertakings and collateral. Depositaries, other than savings banks, are required to execute and deliver undertakings and to pledge collateral to secure deposits of court and trust funds, as may be required by the State Comptroller.

Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCrules/0-0-0-36389Fetched: 10/24/2026