§ 97-dd. Eminent domain account. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance an eminent domain account.

2. The eminent domain account shall consist of all moneys deposited pursuant to the provisions of subdivision (E) of section three hundred four of the eminent domain procedure law, and all other moneys credited or transferred thereto from any other fund or source pursuant to law.

3. The comptroller shall establish a sub-account for each deposit made pursuant to the provision of subdivision (E) of section three hundred four of the eminent domain procedure law.

4. Moneys of the account may be invested by the comptroller in any obligation in which moneys of the state may be invested pursuant to the provisions of section ninety-eight-a of this article and the interest earnings shall be credited to the account.

5. Moneys of the account shall be payable to condemnees or otherwise expended in accordance with the provisions of subdivision (E) of section three hundred four of the eminent domain procedure law.