N.Y. Comp. Codes R. & Regs. tit. 2 § 70.7

Current through Register Vol. 46, No. 45, November 2, 2024

Section 70.7 - Books of account of county treasurers and commissioners of finance

(a) When funds are received by a county treasurer or commissioner of finance, such officer shall forthwith open in the court and trust ledger a separate account for each action and proceeding and shall keep an exact account of all moneys and securities attributable thereto. Each account in such book or books of account shall state:

(1) name of court or source of receipt when not deposited by court order;

(2) title of action or proceeding and action or proceeding number;

(3) date of entry of original order to deposit;

(4) date of original receipt of money or securities;

(5) name of person from whom received;

(6) name of each beneficiary, when known, or purpose for which the deposit is made;

(7) amount of money or securities received;

(8) description of securities received;

(9) name of depository in which the funds are deposited;

(10) each addition of interest;

(11) date and description of each order directing payment;

(12) date and amount of each payment and to whom paid;

(13) each investment, if any, and change thereof; and

(14) such additional data as may be required by the State Comptroller.

These entries must be made in the court and trust fund ledger at the time the underlying transactions occur.

(b) A separate book entry account must be maintained for each action or proceeding as required by subdivision (a) of this section. A separate account in a financial depository need not be maintained for each such action or proceeding. Funds held for particular actions or proceedings may be pooled into a common bank account. Income earned on the common account must be prorated at least quarterly as entries to the individual book entry accounts which together comprise the common bank account. This subdivision shall not be construed so as to abridge the responsibilities of depositories as set forth in Rule 2605 of the Civil Practice Law and Rules and in section 104(6) of the Banking Law.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 70.7