106 - Deposit of moneys by state officers, state institutions and charitable and benevolent institutions.
§ 106. Deposit of moneys by state officers, state institutions and charitable and benevolent institutions. Such moneys received by the commissioner of taxation and finance as are now deposited to the credit of the comptroller pursuant to statute, and thereafter paid into the state treasury, shall be deposited by him to the credit of the comptroller in such bank or trust company as shall be designated by the comptroller at such rate of interest, if any, as shall be agreed upon by the depositary and the comptroller. All other moneys received by the commissioner of taxation and finance except as provided in section one hundred five of this article and all moneys received by any other state officer or other person receiving moneys belonging to the state, or for which such state officer or other person may be responsible in his official capacity, and all moneys received by any state institution, except for moneys received pursuant to a clinical practice plan established pursuant to subdivision fourteen of section two hundred six of the public health law and all moneys received from the state by any charitable or benevolent institution supported in whole or in part by the state, shall be deposited to his or its credit in such bank or trust company as shall be designated by the comptroller at such rate of interest, if any, as shall be agreed upon by the depositary and the comptroller. Every bank or trust company designated by the comptroller for the deposit of any such moneys A. Shall give a bond with sufficient sureties for the security of such deposit, to be approved by the comptroller and filed in his office, B. Or shall, in lieu of such surety bond, with the permission of the comptroller deposit with the comptroller such outstanding unmatured bonds or notes or such certified check or checks as are described in section one hundred five of this article. The comptroller may, in his discretion, accept and substitute for any surety bond or undertaking given, pursuant to this section, a bond or undertaking in such form and with other surety or sureties, or other security as required by this section, for such sums as may be prescribed and approved by the comptroller for the safe keeping and prompt payment of such moneys on legal demand therefor with interest, if any, and the comptroller may thereupon execute and deliver to the surety or sureties, upon the former bond or undertaking, a release of such surety or sureties from any liability accruing subsequent to the date of such release. Such release shall not relieve such surety or sureties from any obligation for losses incurred prior to the date thereof. On the withdrawal of all moneys from any such depository and a closing and settlement of the account thereof, the comptroller may in his discretion certify to such settlement and release to the obligor or owner or owners entitled thereto, of such surety bond, undertaking, certified check or checks, or other security deposited with him. This section shall not apply to any funds held by the superintendent of banks or the superintendent of insurance in a fiduciary capacity.