New York Laws
Article 7 - Accounts and Audits
106 - Deposit of Moneys by State Officers, State Institutions and Charitable and Benevolent Institutions.

(1) The designated bank or trust company arranges for the redeposit of
the moneys into deposit accounts with one or more banking institutions,
as defined in section nine-r of the banking law, for the account of the
state, and serves as custodian for the state with respect to the moneys
redeposited into such deposit accounts.
(2) Moneys held by a designated bank or trust company pending
redeposit pursuant to paragraph one of this subdivision that are in
excess of the amount insured by the federal deposit insurance
corporation shall be secured in accordance with subdivision A or B of
this section.
(3) The full amount of the moneys redeposited into deposit accounts
pursuant to paragraph one of this subdivision, plus accrued interest, if
any, shall be insured by the federal deposit insurance corporation.
(4) At the same time that the moneys are redeposited pursuant to
paragraph one of this subdivision, the designated bank or trust company
receives an amount of deposits from customers of other financial
institutions pursuant to the deposit placement program that are at least
equal to the amount of the moneys redeposited by the designated bank or
trust company.
This section shall not apply to any funds held by the superintendent
of financial services in a fiduciary capacity.

Structure New York Laws