Serf Realty Co. v. State

Full title: SERF REALTY CO., Appellant, et al., Claimant, v. STATE OF NEW YORK…

Court: Appellate Division of the Supreme Court of New York, Second Department

Date published: Jun 3, 1996

228 A.D.2d 428 (N.Y. App. Div. 1996)

643 N.Y.S.2d 663

Opinion

June 3, 1996

Appeal from the Court of Claims (Silverman, J.).

Ordered that the order is affirmed, with costs.

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, Goldstein and McGinity, JJ., concur.