New York Laws
Article 24 - Provisions Applicable to New York City
906 - Liability of City of New York for Loss of Court and Trust Funds.

§ 906. Liability of city of New York for loss of court and trust
funds. The city of New York shall be responsible for all property or
moneys deposited with the commissioner of finance by virtue of any
judgment, decree or order of a court of record in this state provided,
however, that the city shall not be held liable for any loss due to the
depreciated value of an investment legal at the time of its purchase and
which continued to be a legal investment during the period of the trust.
An action to recover any loss to or of such fund may be brought against
the city by any party aggrieved or by the state comptroller in a court
of competent jurisdiction.

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