Section 551. Court and trust funds

1. Upon demand being made in writing by
  any person interested therein either  as  beneficiary  or  as  guardian,
  committee,  conservator,  next  of kin or personal representative of any
  beneficiary, the county treasurer shall within ten days after the  first
  day of July in each year make and file in the office of the clerk of his
  county,  a special report in respect to any trust in which the person in
  behalf of whom the said demand is made may be  interested,  which  shall
  contain  a  statement of all moneys or securities in his hands belonging
  to infants, or other persons, for whom invested and how invested with  a
  particular description of such securities, containing a statement of the
  amount  due  thereon  for principal and interest with a statement of his
  account for each infant up to the date of said report, the amount in his
  hands invested and uninvested and to whom the same belongs and if he has
  in his hands any money not invested such report shall state  the  amount
  thereof,  the  length  of time the same has been in his hands uninvested
  and the reasons therefor and whether the moneys so  uninvested  are  for
  principal  and interest and the length of time any principal sum thereof
  shall have remained so uninvested during the year preceding the date  of
  such report, which report he shall verify to be in all respects true.
    2.  Whenever  required  so  to  do  by  the state comptroller he shall
  commence and maintain an action at the expense of  the  county  for  the
  recovery of all moneys and securities paid into court, or that belong to
  any  heir,  litigant or party, or that stand to the credit of any action
  or proceeding, which have come into the hands of  any  county  treasurer
  whose right to office already has expired, or hereafter shall expire, or
  which  have been placed to his credit in any bank or depositary, or with
  which he is in any way chargeable and which have not been  delivered  to
  his  successor  and  for  all increase, loss, penalty, damage or expense
  lawfully chargeable to such treasurer in connection therewith.  A  party
  to  whom  such  county  treasurer  may  have transferred or assigned any
  security or other property belonging to any fund held by him may be made
  a defendant in the same action and the rights  of  the  several  parties
  determined  therein. Any action so brought at the direction of the state
  comptroller  shall  not  be  discontinued  or  compromised  without  the
  approval of the state comptroller.
    3.  Whenever any county treasurer, after service on him personally, or
  by leaving at his office, in his absence, with some person having charge
  thereof, or if such service cannot be made, by leaving with some  person
  of suitable age and discretion at his place of residence, or at his last
  place  of  residence  in  the county, if he has departed therefrom, of a
  certified copy of an order or  judgment  of  the  court,  directing  the
  payment   or   delivery  of  any  money,  stocks,  securities  or  other
  investments held by him pursuant to an order of the court, to any person
  or persons, shall fail  or  neglect  so  to  do,  or  where  any  county
  treasurer  has  invested or loaned any moneys held by him contrary to an
  order of the court or of law and shall fail or neglect when required  so
  to do, to pay over the amount of the moneys so invested to the person or
  persons entitled thereto, the court may, by order, direct that an action
  be brought upon the official bond of such treasurer, against him and his
  sureties  for  the amount so directed to be paid or delivered, or of the
  moneys so invested in inadequate or worthless security for  the  benefit
  of  the  person or persons in whose behalf the direction shall have been
  by such order given and whose name or names  appear  therein,  or  their
  assigns and thereupon such action may be brought for such purpose.