§ 677 — Decedents' accounts, withdrawals by authorized persons

§ 677. Decedents' accounts, withdrawals by authorized persons. 1. The\nmaximum withdrawal permissible by law for purposes of this section shall\nbe the amount permitted to be paid, without the consent of the\ncommissioner of taxation and finance, under rules or regulations\npromulgated by such commissioner pursuant to section one hundred\nseventy-one of the tax law.\n 3. Notwithstanding the foregoing, no banking organization or foreign\nbanking corporation shall be required to make any payment pursuant to\nthis section if (a) it has notice of an adverse claim with respect to\nany such savings or time deposits or shares standing on its books to the\ncredit of the decedent, or (b) there is in effect an order, injunction\nor other appropriate process of a court of competent jurisdiction\nrestraining such payment, or (c) it has notice that such payment would\nviolate the terms of a legal and valid trust, or (d) such payment is\ninconsistent with any federal laws or regulations.\n 4. Such payments as any banking organization or foreign banking\ncorporation is required to make pursuant to this section shall be a\nvalid and sufficient release and discharge to such banking organization\nor foreign banking corporation for any payment so made.\n