PROPERTY PAID INTO COURT
The Sections of Article 26. of the New York CPLR:
- NY CPLR § 2601. Payment of money or securities into court
- NY CPLR § 2602. Payment into court of property other than money or securities; deposit with warehouse or safe deposit company
- NY CPLR § 2603. Cost of administration of property paid into court
- NY CPLR § 2604. Calculation of gross sum in lieu of income
- NY CPLR Rule Rule 2605. Duties of depositories
- NY CPLR Rule Rule 2606. Obtaining order for payment out of court
- NY CPLR Rule Rule 2607. Payment of property paid into court
- NY CPLR § 2608. Liability of custodian
- NY CPLR Rule Rule 2609. Deposit by referee appointed to sell property
NY CPLR § 2601. PAYMENT OF MONEY OR SECURITIES INTO COURT
(a) Discharge of party paying money into court. A party paying money into court pursuant to the direction of the court is discharged thereby from all further liability to the extent of the money so paid in.
(b) Delivery of money and securities to county treasurer; commissioner of finance of city of New York. All moneys and securities paid into court shall be delivered either by the party making the payment into court or when an officer other than the county treasurer first receives them, by that officer, to the county treasurer of the county where the action is triable or to such other county treasurer as the court specially directs. Where money or securities are received by an officer other than the county treasurer, he shall deliver them to the county treasurer within two days after he receives them. The commissioner of finance of the city of New York shall be considered the treasurer of each of the counties included within the city.
(c) Title to funds paid into court. Title for the benefit of interested parties is vested in the county treasurer to whom any security is transferred pursuant to this article. Any security purchased by the county treasurer as an investment of money paid into court shall be purchased in the name of his office. He may bring an action upon or in relation to a security in his official or representative character.
(d) Subsequent control of money or securities paid into court. A court may direct that money or securities in the custody of a county treasurer pursuant to this section be transferred or invested as it deems proper.
NY CPLR § 2602. PAYMENT INTO COURT OF PROPERTY OTHER THAN MONEY OR SECURITIES; DEPOSIT WITH WAREHOUSE OR SAFE DEPOSIT COMPANY
Property paid into court, other than money or securities, shall not be delivered to the county treasurer. The court may direct that such property be deposited in a warehouse or safe deposit company upon the filing of a bond for the cost of such storage by the party paying the property into court or the party who requested such disposition, as the court may provide. It may make such other or subsequent disposition as it deems proper.
NY CPLR § 2603. COST OF ADMINISTRATION OF PROPERTY PAID INTO COURT
A party entitled to the income of any property paid into court shall be charged with the expense of administering such property and of receiving and paying over the income thereof.
NY CPLR § 2604. CALCULATION OF GROSS SUM IN LIEU OF INCOME
A gross sum payable to a party in lieu of the income of a sum of money paid into court for his benefit shall be calculated according to article four of the real property actions and proceedings law.
NY CPLR RULE RULE 2605. DUTIES OF DEPOSITORIES
When property paid into court is deposited with any depository, the entry of such deposit in the books of the depository shall contain a short reference to the title of the cause or matter in relation to which the deposit is made and shall specify the time from which any interest or accumulation on the deposit, if any, is to commence. On or before the first day of February in each year, such depository shall transmit to the appellate division of the supreme court in the department in which the depository is situated a statement describing the property in its custody, including interest or accumulation, if any, to the credit of each cause or matter on the last preceding first day of January.
NY CPLR RULE RULE 2606. OBTAINING ORDER FOR PAYMENT OUT OF COURT
Unless otherwise directed by the judgment or order under which the property was paid into court, an order for the payment of property out of court shall be made only:
- on motion with notice to all parties who have appeared or filed a notice of claim to such property; or
- by special proceeding. In either case the petition shall be accompanied by a copy of the judgment, order or other paper under which the property was paid into court, together with a certificate of the county treasurer or other depository of the property, showing the present condition and amount thereof, and stating separately, in the case of money, the amount of principal and interest.
NY CPLR RULE RULE 2607. PAYMENT OF PROPERTY PAID INTO COURT
No property paid into court, or income from such property, shall be paid out except upon order of the court directing payment to a specified person, except that if the property so paid into court, or the income from such property, inclusive of interest, does not exceed fifty dollars, a county treasurer may pay the same, without a court order, to the person entitled thereto or his authorized attorney. When the whole or remaining balance of all payments of money into court in an action, or the whole or remaining balance 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. A certified copy of the order directing payment shall be delivered to the county treasurer or other custodian of the property.
The custodian, in the case of money, shall draw a draft payable to the order of the party entitled thereto specifying the title of the cause or matter on account of which the draft is made and the date of the order authorizing the draft. A certified copy of the order, accompanied by a draft in the case of money, shall be delivered to the depository of the property before it shall pay out any property. If an order directs that periodic payments be made, the filing of one copy of the order shall be sufficient to authorize the payment of subsequent drafts in pursuance thereof. Any other provision of law to the contrary notwithstanding, if an order directing payment by the county treasurer is made by the court, the copy of the order to be delivered to the county treasurer and the depository as herein provided shall be certified by the clerk of the court to be a true copy of the original of such order on file in his office.
NY CPLR § 2608. LIABILITY OF CUSTODIAN
No liability shall attach to a custodian of property paid into court because of a payment made by him in good faith in accordance with the direction of an order of the court or as provided in rule 2607 .
NY CPLR RULE RULE 2609. DEPOSIT BY REFEREE APPOINTED TO SELL PROPERTY
Money received by a referee appointed to sell property shall be deposited forthwith by the referee, in his name as referee, in a bank or trust company authorized to transact business in this state, or with the chief fiscal officer or county treasurer of the county in which the action or proceeding is pending, as the court shall designate. Such moneys when paid to the chief fiscal officer of the county or county treasurer shall not be withdrawn except as directed by the judgment or order under which the deposit is made, or by an order under rule 2606 .