Section 97-T. Lawyers' fund for client protection of the state of New York

1. There is hereby established in the custody of the state comptroller a
  special fund to be known as the "lawyers' fund for clients protection of
  the state of New York".
    2.  The  full  amount  of  the  allocable  portion  of  the   biennial
  registration  fee  collected  pursuant to the provisions of section four
  hundred sixty-eight-a of the judiciary law and such other monies as  may
  be  credited  or  otherwise  transferred  from any other fund or source,
  pursuant to law, including voluntary contributions,  together  with  any
  interest  accrued  thereon,  shall  be  deposited  to  the credit of the
  lawyers' fund for client protection  of  the  state  of  New  York.  All
  deposits  of  such  revenues  not  otherwise required for the payment of
  claims as hereinafter prescribed shall be secured by obligations of  the
  United  States  or of the state having a market value equal at all times
  to the amount of such deposits and all banks  and  trust  companies  are
  authorized to give security for such deposits. Any such revenues in such
  fund,  may  be  invested  in  obligations of the United States or of the
  state, or in  obligations  the  principal  and  interest  on  which  are
  guaranteed by the United States or by the state.