N.Y. STF Law § 182

§ 182. Deposit and investment of money paid into court. All funds or\nmoneys paid into court shall be deposited in such savings bank, trust\ncompany, bank, banking association or with such banker, as shall be\ndesignated by the state comptroller, as soon as received by the\ncustodian thereof. But the money must be deposited in the county where\nthe fund belongs, where it can be done conveniently and safely and with\nadvantage to the parties interested. All moneys so paid into court may\nbe invested by the several county treasurers and in the city of New York\nby the commissioner of finance without a specific direction of the court\nhaving jurisdiction, in securities that are legal investments for\ntrustees, when the said county treasurers or commissioner of finance\ndeem it for the best interests of the funds to make such investments.\nAll moneys paid into a court of the unified court system, other than a\ntown or village court, pursuant to the provisions of title P of the\ncriminal procedure law, which remain in the court's custody, shall,\nduring such custody, be deposited in an interest-bearing account, and\nall interest thereupon received shall be paid to the state commissioner\nof taxation and finance on a monthly basis no later than ten days after\nthe last day of each month.\n