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Serf Realty Co. v. State

228 A.D.2d 428 Court N.Y. App. Div. Decision date 1996-06-03 English

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p. 428
Serf Realty Co., Appellant, et al., Claimant, v State of New York, Respondent.
[643 NYS2d 663]

The State’s obligation to pay interest terminates upon deposit of an advance payment into an interest-bearing account pursuant to State Finance Law § 97-dd (see, EDPL 304 [E]; 514). Therefore, for the period when the advance payment was deposited in that account, the rate earned by the State’s short-term investment pool was the correct rate of interest.

In light of our determination, we need not reach the appellant’s remaining contentions. Thompson, J. P., Altman, Gold-stein and McGinity, JJ., concur.